Essay about Mgmt 520 Week 2 Assignment

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1. Administrative Agency a. Bureau of Consumer Financial Protection i. Currently I am in the process of improving my credit to purchase a home. In the past I have been misinformed and mislead by lendors thus adversely affecting my credit. If proposal is adopted, more information about the terms and condition of a loan will be required prior to a contractual agreement. 2. Proposal Description b. The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA). That final rule implements sections 1411, 1412, and 1414 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which creates new TILA section 129C.…show more content…
By encouraging more affordable repayment mechanisms and reduced interest rates, consumers are more likely to repay loans and reduce overall debt. I am glad legislatures have enacted a policy that aids consumers in being more financially informed on credit terms and lending. 4. Proposal Deadline d. Comments must be received on or before February 25, 2013. 5. Promulgation Process a. Once my comment has been submitted I am legally entitled to attend a hearing to further discuss my position. I am also entitled to file a petition or adjudication to ensure that there is action continuously being taken by the Bureau of Consumer Financial Protection. Once the hearing and comment period is complete I must then wait to see if the agency will address the petition and decide to modify, withdraw or adopt the regulation. b. In the event the proposal is adopted there are five legal theories someone could use to have the regulation declared invalid and have it overturned in court: i. The Arbitrary and Capricious Standard: Find the rule is arbitrary, capricious, an abuse of discretion and in violation of some law (195) ii. Substantial Evidence Test: Find that the rule is unsupported by substantial evidence (197) iii. Constitutional Standard: Find that the rule is unconstitutional (199) iv. The Ultra Vires

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