What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a federal law enacted in the United States in 2010. The law was put in place to protect consumers from the risky financial practices that led to the global financial crisis in 2008. It was named after its sponsors, Senator Christopher Dodd and Representative Barney Frank. The law was designed to reduce the risk of another financial crisis by strengthening consumer protection, increasing transparency in the financial markets, and improving regulation of the banking and financial industries. In North Dakota, the Dodd-Frank Wall Street Reform and Consumer Protection Act includes provisions that provide consumers with more control over their personal information and better protection from unfair and deceptive practices by financial institutions. Additionally, the Act gives the U.S. Securities and Exchange Commission (SEC) the power to regulate certain financial institutions more strictly. The Act also requires banks to provide increased disclosure to customers about high-risk practices and provides the SEC with a greater role in overseeing financial firms. Overall, the Dodd-Frank Wall Street Reform and Consumer Protection Act was designed to protect consumers and ensure the stability of the financial markets. This is done through providing greater transparency and oversight of the financial sector, as well as by increasing consumer protections and reducing the potential for another financial crisis similar to 2008.

Related FAQs

What is the Credit Repair Organizations Act?
What is the Unlawful Internet Gambling Enforcement Act?
What is the Home Affordable Modification Program?
What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?
What is the Financial Institutions Reform, Recovery and Enforcement Act?
What is the Payment Card Industry Data Security Standard?
What is the Fair Credit Billing Act?
What is usury?
What is the National Bank Act?
What is the Real Estate Settlement Procedures Act?

What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

Related FAQs

Related Blog Posts