History Of Law
In what year was the Dodd-Frank Act passed?
2010
Which agency was created by Dodd-Frank to protect consumers?
Consumer Financial Protection Bureau
What phrase was used to describe giant banks that were seen as “too big” to fail?
Too Big to Fail
What does a whistleblower do?
Reports fraud or wrongdoing
Is Dodd-Frank a federal or state law?
Federal
What financial crisis led to the creation of the Dodd-Frank Act?
2008 financial crisis
What type of companies does the CFPB oversee?
Banks, lenders, mortgage companies, credit card companies
Dodd-Frank forces big banks to hold more of what to protect against collapse?
Capital
True or False: Dodd-Frank allows whistleblowers to get rewarded for reporting fraud.
True
Can states add stronger protections on top of Dodd-Frank?
Yes
Name the two men the law is named after.
Christopher dodd and Barney Frank
If you have a problem with a credit card or loan, how can you report it?
File a complaint with the CFPB
What risky type of investment did the law try to limit?
Derivatives trading
What percentage of money recovered can a whistleblower earn as a reward?
10–30%
Give one example of a state-level consumer protection law.
Payday loan restrictions, anti-predatory lending laws
True or False: The Dodd-Frank Act only applies to large Wall Street banks.
False
What does the CFPB make sure about contracts like loans or mortgages?
That terms are clear, not misleading, and fair
True or False: Banks can still take extreme risks with customer deposits after Dodd-Frank.
False
Which government agency handles whistleblower tips related to Wall Street?
The SEC
True or False: If state law is weaker than Dodd-Frank, consumers are only protected by the federal law.
True
What was the main purpose of creating the Dodd-Frank Act?
To prevent another financial crisis and protect consumers from risky financial decisions
Give an example of a deceptive practice the CFPB would stop.
Hidden fees, predatory loans, or confusing fine print
What part of the law separates high-risk investments from consumer banking?
The Volcker Rule
Why are whistleblowers important for consumer protection?
They help expose fraud and protect the public from scams.
Why is it important for states to add their own protections?
To address local problems that federal law might not fully cover