What legislation governs the regulation of financial services?

In Ohio, the regulation of financial services is governed by both state and federal legislation. State legislation is enacted by the Ohio General Assembly and administered by the Department of Commerce. This legislation covers issues such as usury, consumer protection, banking, and investments. At the federal level, the primary legislation governing the regulation of financial services is the Gramm-Leach-Bliley Act. This act establishes consumer rights and regulates how financial institutions must use and disclose personal information. It also creates a framework of responsible conduct for electronic fund transfers and restricts the ability of financial organizations to engage in unfair practices. The Ohio Department of Commerce administers the Ohio Consumer Sales Practices Act, which provides protections for Ohio consumers. This act makes it illegal for businesses to use a number of misleading and deceptive practices in the sale of goods and services. The Ohio Department of Commerce also enforces the Ohio Mortgage Broker Act, which regulates the activities of all mortgage brokers in the state. Finally, the Dodd-Frank Wall Street Reform and Consumer Protection Act established the Consumer Financial Protection Bureau (CFPB). This bureau is charged with protecting consumers from financial fraud and abuse, unfair lending, and deceptive practices. The CFPB is also responsible for enforcing federal consumer financial laws and educating consumers on financial matters. By combining state and federal laws, Ohio provides a comprehensive system of regulations for the financial services industry. This helps ensure that Ohio consumers have access to safe and fair financial services.

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What legislation governs the regulation of financial services?

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