The Proposed Regulation of Bureau of Consumer Financial Protection

The US Securities and Exchange Commission (SEC) is the US federal agency that holds the primary mandate to enforce federal securities laws and regulations to control the securities industry and the country’s stock exchange and regulation of all activities and organizations including the US electronic securities market. The SEC is committed to promoting a market environment that yields public trust characterized by integrity to attain its mission of protecting investors through maintenance of fair and efficient markets through facilitation of capital information (Basagne, 2010). The SEC financing is a major area of focus since there has been major concern regarding the SEC agency financing and whether they utilize the

The Securities and Exchange Commission has the mission of protecting investors by maintaining fair, orderly and efficient markets. The SEC does this in a number of ways, and firms need to pay attention to these ways in order to ensure SEC compliance. The SEC has enforcement authority over a number of areas related to the nation's capital markets, including insider trading, accounting fraud, and providing false information. The SEC's jurisdiction extends to all securities that are traded publicly. Privately-held companies do not need to register with the SEC (SEC.gov, 2012).

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.

The Consumer Finance Protection Bureau (CFPB) governs many financial institutions. The finance and Insurance office at your local dealerships is considered a financial institution. We collect credit information, originate loans, and act on behalf of lenders. This

The Federal Trade Commission is an independent agency of the U.S. government that was established in 1915 and charged with keeping American business competition free and fair. The FTC has no jurisdiction over banks and common carriers, which are under the supervision of other governmental agencies. It has five members, not more than three of whom may be members of the same political party, appointed by the President, with the consent of the Senate, for seven-year terms. The act was part of the program of President Wilson to check the growth of monopoly and preserve competition as an effective regulator of business.

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?

What is the FTC? The FTC stands for Federal Trade Commission. The Federal Trade Commission is an independent federal agency created by Congress in 1914 to help prevent unfair business practices, deception, fair trade practices, and unfair competition. The FTC’s mission is to protect the consumers by enacting laws to ensure that businesses cannot cheat people out of money and keep businesses from being unethical and immoral. The FTC takes complaints about businesses and investigates them for fraud or unfair labor practices every year (Silbersack, 2013).

What The CPFB Rule Does: The terms of the CPFB's proposed rule has two parts. First and foremost, it restores Americans' rights to come together and hold big banks accountable for unethical or predatory practices. It also introduces a new degree of transparency into the arbitration process. In fact,

The new consumer protection with this law is that applications such as loan and credit cards must be easy to understand. For example there can’t be any “fine print” that is tricky or hard to understand and there cannot be any hidden fees. Next time banks take big risk and fail the government will no longer bailout them on the reason “too big to fail”. If the bank fails because of their business practices; just like any regular mom and pop store it closes and files bankruptcy.

Yes we need to have some form of regulation. The proposed regulation is not bad as it covers most of the recommendations discussed in this write up earlier. It reinforces the regulatory role as outlined earlier and requires improving the capital requirements as well as the risk management systems in place in financial institutions. At the same time the focus is mostly on large, complex financial institutions that have a systematic impact so it allows some flexibility particularly for smaller and medium size financial institutions.

Bridgewater Bank was founded in November 2015 by Jerry Baack. It is a community bank established in Bloomington, Minnesota. The headquarter building is the same location as the first branch. According to North Western financial review, Bridgewater Bank merged and acquainted First National Bank of the Lakes in Orono, Minnesota. Currently, all four branches are located in Minnesota. Although this bank is Non-member of the Federal Reserve System, it is regulated by the Federal Deposit Insurance Corporation (FDIC). The main function of FDIC is to provide a maximum amount of $250,000 insurance coverage for each deposit account. The bank's total asset is about $ 925 million as of December 31, 2015. The bank has a variety of services, including

The Australian financial system evolved in five stages. The first stage was the introduction of financial institutions during the early colonial period in the 19th Century, where the influence of British institutions was a key driving force. The end of that period was marked by the 1890s depression which saw a major rationalisation of Australia’s financial institutions. The start of the modern era of financial regulation can be traced back to the introduction of banking legislation in 1945 and the establishment of Australia’s first central bank.

• Compliance: Evaluating adequacy of compliance risk management and assessing banks’ effectiveness in identifying and responding to risks posed by new products, services, or terms. Examiners will also assess compliance with the following: – new requirements for integrated mortgage disclosure under the Truth in Lending Act of 1968 and the Real Estate Settlement Procedures Act of 1974. – relevant consumer laws, regulations, and guidance for banks under $10 billion in assets. – Flood Disaster Protection Act of 1973 and the Service members Civil Relief Act of 2003.

The Gramm-Leach Bliley Act also likewise termed as The Financial Services of Modernization Act of 1999 fundamental thought is that the obstructions among saving money, security and insurance agencies were expelled and not permitted to offer financial services as a part of general operations. It does not permit the combination of investment, commercial bank and an insurance company.

The modern era is considered to be the era of consumers. No country can ever disregard the interest of the consumers. This is best argued through the process of rapid enactment of consumer protection laws throughout the world. In addition to consumer protection acts throughout the world, one can easily find the rapidly rising rate of lawmaking for consumers in the developing countries like Sri Lanka, Thailand, Philippines,Mongolia, Mauritius , China, Indonesia,Taiwan, Nepal, Malaysia and other such countries. India is not an exception to this rule. The Consumer Protection Act, 1986 is an example of a milestone in the history of socio-economic legislation to protect and preserve the