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 regulation enacted in 2010 in response to the 2008 financial crisis. It is designed to protect consumers from harmful financial practices and reduce risk in the financial system. It covers many areas of the financial industry, including banks, investment firms, and brokers. Under this act, there are several consumer-protection measures. It requires banks and other financial institutions to maintain a certain level of capital adequacy, limits on borrowing, and increased transparency regarding fees and loan terms. Additionally, it requires certain banks and other financial institutions to establish consumer-protection measures and have certain consumer-protection enforcements. The Dodd-Frank Act also created the Consumer Financial Protection Bureau, which is responsible for monitoring the financial system and enforcing consumer protection regulations. It also established whistleblower protection laws and created incentives for individuals to report violations. In Virginia, whistleblowers are protected by Section 10A of the Dodd-Frank Act, which protects them from retaliatory action by employers. This includes protection from being discharged, demoted, suspended, threatened or discriminated against in any way.

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

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