Consumer Financial Protection Bureau
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Video Transcription
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>> Hello everyone. It's Chris,
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the Privacy Gremlin,
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and I'm Cybrary's instructor for
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its US Information Privacy course.
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I hope that you're having a wonderful day.
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I'm having a great day here in the State of Maryland.
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As always, it's a pleasure to
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be your instructor for this course.
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In Lesson 5.2,
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we're going to look at the mission
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of the Consumer Financial Protection Bureau.
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The CFPB is a part of the Federal Reserve,
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is an independent agency
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that said to really protect the equities
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of consumers from
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a consumer financial privacy protection perspective.
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It was the Dodd-Frank Wall
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Street Reform and Consumer Protection Act
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of 2010 that established the CFPB with this mission.
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It came about because at the end of 2008,
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we saw several instances of
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security in exchange companies, mortgage brokers,
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as similar industries that were providing
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misleading information to consumers
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about their financial instruments, financial products,
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which caused these consumers to make
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questionable decisions as it applied
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to their financial lives.
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So it announces to ensure that
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these companies were providing
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the appropriate insights into
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their financial instruments and
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products that there were protections
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in place from a consumer financial perspective.
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The Consumer Financial Protection Bureau
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was brought into being.
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We have several learning objectives.
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We're going to talk about CFPB's mission,
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vision, core functions.
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We'll talk about also its enforcement responsibilities.
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It plays an important role in representing
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the equities of consumers as it applies to finance.
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Its mission is to make sure that consumers are
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protected from unfair, deceptive,
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or abusive acts and practices and is there to enforce
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the Dodd-Frank Wall Street Reform and
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Consumer Protection Act of
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2010 and other consumer financial laws
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here the United States.
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Is there to help consumers themselves really understand
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the aspects of some of these financial instruments and
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financial products and services so they
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can make smart financial decisions.
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The CFPB's vision is
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there to provide consumers with the tools that they
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need to answer their questions and provide tips
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that help them make informed financial choices.
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Is there to enforce those Federal
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>> consumer financial laws that I talked to.
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>> Especially, looking at
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the Dodd-Frank Wall Street
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Reform and Consumer Protection Act
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of 2010 and enforce those laws
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to make sure that companies
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that are within the financial industry
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are treating their consumers with
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respect and respecting
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their individual rights and freedoms.
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It has an education aspect where
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they provide financial education to
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these consumers across their lifetimes
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to make sure that they're making
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informed financial decisions.
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The CFPB also has several core functions.
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They include rooting out unfair, deceptive,
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or abusive acts and practices,
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writing rules, supervising companies,
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and enforcing the laws,
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ensuring that they are enforcing the laws that
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outlaw discrimination to get in consumer finance,
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responding to consumer complaints,
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enhancing financial education,
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researching the consumer experience
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of using financial products,
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and then monitoring financial markets
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for a new risk to consumers.
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It has several enforcement responsibilities.
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Is there to make sure that it's representing
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the equities of consumers here in the United States,
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making sure they're treated fairly
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in the financial marketplace.
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Does that by aggressively enforcing
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those financial consumer financial laws
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>> and then holding those companies that violate
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>> those laws accountable for their actions.
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They can engage in enforcement actions.
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Take alleged violators to the court for
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violations of the laws that they enforce.
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They can send warning letters to assist
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these companies and drive compliance before
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it enforces the full weight of the law for
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violations of the various
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financial consumer privacy laws.
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Is there to assist
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industry whistleblowers that might have
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been current or former employees of
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a company that the whistleblower believes
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that the company has violated one or
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more of the various financial consumer
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laws to ensure that
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they have a voice and then they can
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address these alleged violations of the law.
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They're there to help consumers recoup
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payments and compensate them
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when they've been harmed by violations of the law.
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Question 1 asks,
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the CFPB's core functions
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include which of the following choices?
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The correct answers are A, B, C,
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and D. Question 2 asks,
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the CFPB's enforcement responsibilities include?
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The appropriate answers are A, B, C,
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and D. In summary,
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as we look at the mission, vision,
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responsibilities, and
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enforcement responsibilities of the CFPB,
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we can see that it
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has far-ranging powers and really enforcing
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those US financial laws that
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govern how individuals themselves will engage with,
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or companies will engage with
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consumers from a financial perspective.
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We talked about the impetus behind the enactment of
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the Dodd-Frank Wall Street
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Reform and Consumer Protection Act
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of 2010 to ensure that
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American consumers were well-informed
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before they made financial decisions.
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It was also to ensure that there was this one point
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of accountability within the Federal government
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that enforced financial consumer financial laws.
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They were there also to make sure that,
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in enforcing these laws that they can
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provide consumers here in
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the United States with a number of protections.
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I encourage you to visit the CFPB website.
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It is a independent agency with far-ranging powers.
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It has helped consumers since its enactment in
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2011 to be able to make
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informed financial decisions and not experience
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the harm that's incurred in the past that's
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placed them at financial jeopardy.
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