Question

Which aspects of the Dodd-Frank Act provide consumer protections,

Answer 1

The Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in 2010 as a US federal law and signed by president Barack Obama as a response to deal with the global financial crisis. It aimed to establish strict financial regulations, for the first time since the reform approved in the aftermath of the Great Recession of 1929 and, ultimately, guarantee consumer protection.

The Consumer Financial Protection Bureau (CFPB) was created to protect consumers within the financial sector and has jurisdiction over different types of financial institutions: banks, credit unions, securities firms, payday lenders, mortgage operations, debt collectors and others. This institution is in charge of guaranteeing the transparency of the financial products offered in the markets and to ensure the markets work to cover the needs of American citizens.