The Consumer Financial Protection Bureau

The Federal Deposit Insurance Corporation (FDIC) is based in the United States and is run by the government. The banking Act of 1933, als known as the Glass-Steagall Act, led to its establishment due to the Great Depression that had been experienced in United States. This act came into play due to the Great Depression. During this time, people were withdrawing their money from the banks and keeping it at home. People were not feeling very confident about the banking system. So, President Franklin Roosevelt had to step in and do something. The day after President Roosevelt’s inauguration, he declared a four-day banking holiday that shut down the banking system, which included the Federal Reserve. Several days later, the Emergency Banking

State the administrative agency that controls the regulation. Explain why this agency and your proposed regulation interest you (briefly). Will this proposed regulation affect you, or the business in which you are working? If so, how?

The Federal Trade Commission (FTC) was created in 1914 primarily as a way for the government to “trust bust” or apply regulations ensuring a free marketplace for U.S. consumers and business enterprises. In this regard, the FTC enforces antitrust viola- tions that could hamper consumer interests, as well as federal consumer protection laws against fraud, deception, and unfair business practices. The commission’s primary enforcement mechanism is the Bureau of Consumer Protection, which is divided into seven divisions: (1) enforcement, (2) advertising practices, (3) financial practices, (4) marketing practices, (5) planning and information, (6) consumer and business educa- tion programs, and (7) privacy and identity protection.21 As the federal

Legal actions are likely to be brought against organizations that have violated consumer’s privacy rights, or misled them by failing to maintain security for sensitive consumer information. Under, the proposed settlement agreements, which are subject to public comment, the companies are prohibited from misrepresenting the extent to which they participate in any privacy or data security program sponsored by the government or other approved organization.

The Better Business Bureau is believed to have a reputation of protecting consumers and businesses from fraudulent scammers and unreliable firms, there were several unethical occurrences and allegations that led consumers to feel otherwise towards a company that has the reputation of trust. According to the Ermongkonchai (2010) study, “the main reason of employee misconduct was identified with personal or financial gain” (Pg125). It appeared that the Better Business Bureau had several bouts of unethical misconduct that lead to a ruined reputation and questioning of the firm's values.

Congress granted sweeping powers to the CFPB that critics suggest exceed what legislators intended when they passed the Dodd-Frank Act. The bureau has investigated discrimination in auto lending, targeted credit unions, implemented rules for debit cards and created a controversial consumer complaint hotline. A recent CFPB proposal would allow consumers to rate financial companies on a scale of 1 to 5 in surveys without any guidelines for the ratings.

Kristin is thorough and has a vast knowledge with regards to, Purchase Requisitions, Purchase Orders, ePayables, the Purchase Reference Guide, and overall Purchasing Procedures. She is often sought out by management, LOB’s, and co-workers to answer questions about our procurement policies. Ralph Sampson mentioned to me that, Kristin is not only very responsive she always does what is necessary to get the answer.

The Better Business Bureau (BBB) has many stakeholders that are interested in the success of the organization. Essentially, the two main stakeholders are the business and the consumer. I will assume the role of the consumer and describe the steps the BBB could take to ensure protection and ethical misconduct is prevented from recurrence. According to Garrett and Toumanoff (2010), “the Better Business Bureau is the third-party complaint agency most commonly used by dissatisfied consumers who are unable to obtain redress from companies” (p. 3).

According to Ferrell, Fraedrich, & Ferrell, the Better Business Bureau (BBB) is best known for its self-regulation that expresses a commitment to” adhere to certain rules that demonstrate best practices and social responsibility” (Ferrell, Fraedrich, & Ferrell, 2015 p. 476). Moreover, BBB “uses its website, newspapers and the media to inform consumers of businesses who have violated these standards” (Ferrell, Fraedrich, & Ferrell, 2015 p. 476). However, recently there have been reports of BBB favoring the businesses over the consumer because the business pay for statistical information from its consumers’ report while charging the consumer a fee to resolve any dispute or complaint against a business. Furthermore, BBB appears to favor the businesses with a membership over the consumer, which it promised to protect.

This Performance Work Statement (PWS) provides high-level task information to establish Blanket Purchase Agreements (BPA), against the General Services Administration’s (GSA) Multiple Award Schedule contracts. The multiple task orders issued under this BPA will be enterprise-wide and highly visible across the Internal Revenue Service (IRS). The IRS may place orders against this BPA as individual projects/workstreams that are identified for contractor support. However, it is emphasized that there are no intended or implied guarantees regarding the usage of this vehicle. Some orders may be conducted simultaneously or separately.

Many consumers consider the BBB a government consumer enforcement agency who has the responsibility of ensuring trust in the marketplace. The BBB has been operating for over 100 years and has over 400 thousand accredited business. (Better Business Bureau, 2016) In that time, the Bureau has gained the trust and respect of consumers and businesses alike. When BBB employees contact most businesses regarding complaints, they respond as if the BBB is an enforcement agency or an organization

The Better Business Bureau is hoping to become the marketplace trustworthy leaders by providing fraud protection to consumers and firms (Foster, 2015). Several systems were put into place in order to accomplish this goal. There were two systems put into place as a resort. These two systems are accreditation and rating systems.

The Consumer Financial Protection Bureau (CFPB) is expanding its oversight into nonbank activities such as residential

The idea of protecting customers is to maintain and mature that company and consumer relationship. The unethical practices portrayed by the BBB display the exact

Oversees, conducts, and assists with the certification and re-certification process at vendor or developer’s location.