Marketing Plan Essay

The Consumer Financial Protection Bureau, or CFPB, was created as a tool of financial reform in the legislative package that was authorized by the Dodd-Frank Act, but the law specifically includes terms that prohibit setting interest rate limits, which is contrary to the 36-percent limit that the CFPB is currently trying to mandate as a universal limit on short-term rates. The specifics of the Dodd-Frank Act, according to the www.dodd-frank-act.us, state that the legislation grants, "NO AUTHORITY TO IMPOSE USURY LIMIT" unless such a limit is first passed through due legal processes.

Prior to the financial crisis, the overall responsibility for financial oversight was divided among several different agencies. These agencies and their “varying rules and standards led to certain entities not being regulated at all, with others subject to less oversight than their peer

The government regulation of the financial industry by the Dodd-Frank Act was the most compelling topic of this class. A financial regulatory process was created which limits risk through the enforcement of transparency and accountability. The main objective of the Dodd-Frank Act was to provide regulation to banks that was more stringent. The FSOC was created as a result of the Dodd-Frank Act. The two main objectives of the FSCO was to stop the occurrence of another recession and to resolve persistent issues. The elimination of bailouts funded by taxpayers was another important element of this act. The CFPB also known as the Consumer Financial Protection Bureau was created as a result of the act. The consolidation of consumer protection responsibilities

However, at this stage, they need effective and cost-efficient marketing strategies and plans to survive and grow. They usually do not have big budgets, and are often less experienced in the modern ways of marketing. However, they spend a larger portion of their revenues (17.8%) on marketing (Moorman 2012). Being a start-up firm with low overheads, PMC can empathize with the challenges being faced by the smaller businesses, and provide tailor-made services at reasonable price. It can also connect at a personal level with the founders to understand their vision for the business. The consultancy market is highly competitive with both freelancers and big agencies targeting the SMBs. PMC will attempt to differentiate itself with customized professional services and innovative ideas which use appropriate data and market intelligence. The personalized approach will make the client get maximum attention from the best professionals in the firm.

In the past, the ruling financial systems, such as agencies and laws, led to certain areas of the market without regulation. One of the areas, lacking regulation, was the protection of consumers from aggressive or “bad” financial products. In this sense, Title X of the Dodd-Franck Act creates a new regulatory agency, the CFPB, whose mandate and mission is

The aim of this bill is to reduce the risk in various aspects of the US financial system. The law also created government agencies, such as the Financial Stability Oversight, Orderly Liquidation Authority, and Consumer Financial Protection Bureau (CFPB). These agencies are tasked to monitor the performance of companies considered as “too big to fail” to prevent serious

Regulatory environment consist of several laws and regulations that has been developed by federal, state, and local governments in order to limit control over business practices. The regulatory environment plays an important role in the positive operation of the financial sector and in the efficient management and integration of capital flow and domestic savings. “The value of the claims of financial institutions on borrowers is dependent upon the

The Dodd-Frank Act put a considerable burden on financial regulators whom have to work out the details in order to implement its vision. It includes a variety of points relating to the prevention of a future crisis (Kim & Muldoon 2015). Some of these major points include: (1) The creation of a new Financial Stability Oversight Council, comprising existing regulators, to be responsible for overseeing any financial institution or set of market circumstances determined to be likely to result in risk to the overall economy, (2) A reallocation of banking oversight responsibility among the Federal Reserve System, the Comptroller of the Currency, and the FDIC, requiring the Federal Reserve Board to supervise nonbank financial companies “that may

4) It forms a partnership with IFRS as they are both intended to standardize financial reporting.

The main purpose behind the Dobb- Frank act was to lend a hand to consumers and make the market more financially stable. The majority of commercial banks are in fact community banks and tend to serve in suburban, and rural communities. A huge difference between the larger banks in a metropolitan area and a community bank is the way they make decisions on the customer that come in to obtain a loan. Community banks use a means of relationship banking, which is when the representative of the bank attempt to meet the needs of the customer by attempting to find a means to meet these needs. Finding the best means through financial services with the customer and working with them builds a relationship that might even be for a long term. Larger banks in a metropolitan area are more likely to impose a less relationship minded means of dealing with their customers. More than likely they’ll turn to transactional banking. Transactional banks has no input from customers and relies on the facts about the customer’s history information, such as credit scores. This type of banking is very affective when dealing with customer’s on a wider scale, because this serves as a cheaper option for a wider scale customer base. While this is great

First, high capital requirements could enable institutions to be more flexible facing financial stress and crises. Second, the CFPB strengthens the oversight responsibilities, lessens the regulatory infrastructure risky gaps, and improves the protection for consumers. Third, the Federal Deposit Insurance Corporation’s (FDIC) single-point-of-entry strategy installs standard procedures to wind down failed financial institutions,

While Wall Street can easily afford massive fines, and increased compliance costs, community bankers and others who make up the backbone of Main Street America can not. This regulatory burden is suffocating one of the life-line financing mechanisms for small business. In fact, the cost of compliance with one-size-fits-all regulations from CFPB and other regulators is now the number one threat to community banks.

For BackOffice to have a chance to succeed as a small business in today’s marketplace and uncertain political environment, the entrepreneurs need to have a clear understanding of current and possible future regulatory policies. The Consumer Financial Protection Bureau (CFPB) came into existence in 2011 following the housing market collapse. It came on the heels of the Dodd-Frank Act of 2010 which was put into place to promote fairness and transparency for consumer financial products. The CFPB is mandated by Congress to make rules governing consumer finance markets more effective and to create new rules when warranted. The chief of the CFPB is appointed by the President of the U.S. and serves a five-year term. Since the current CFPB chief

In the aftermath of Financial Crisis of 2008 that was caused by poor regulation of the finance industry Dodd Frank was passed. As part of Dodd-Frank, The Consumer Financial Protection Bureau (CFPB) was created to enforce federal consumer financial laws and protect consumers in financial marketplaces. Its’ mission is ensuring financial markets work for consumers and responsible providers for the benefit of the economy as a whole. In pursuit its mission it aims to protect consumers from illegal, deceptive, unfair and/or abusive practices. In order to achieve these goals, the CFPB works to empower consumers by creating tools, answering questions and providing advice to help them understand their choices and shop for the deal that best fits their needs. It also promotes financial education at all stages of life which improves financial outcomes. It publishes research in support of better policies. It also educates financial companies about their obligations under the law. It has the authority to propose new rules that are in the public interest as well as take action against predatory practices. The CFPB also allows consumers to file complaints, and monitors financial markets for risks.

By 1973, the Financial Accounting Standards Board (FASB) was designated as the organization within the private sector for establishing standards of financial accounting that