In an Attempt to Regulate Home Mortgage Lending After the Mortgage

question 15

Multiple Choice

In an attempt to regulate home mortgage lending after the mortgage crisis of 2007, which of the following acts created an independent oversight agency tasked with the responsibility of overseeing and enforcing Federal consumer financial protection laws, enforcing anti-discrimination laws in consumer finance, restricting unfair, deceptive or abusive acts or practices, receiving consumer complaints, promoting financial education, and watching for emerging financial risks for consumers?

• A) Equal Credit Opportunity Act (ECOA)
• B) Truth-in-Lending Act (TILA)
• C) Real Estate Settlement Procedures Act (RESPA)
• D) Dodd-Frank Wall Street Reform and Consumer Protection Act

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Definitions:

Standardized Procedures

Established methods followed consistently to ensure uniformity and accuracy in tasks.

Measurement

The process of obtaining a quantitative value or size of an object or phenomenon, typically using instruments or standardized units.

Mathematical Models

Representations of real-world systems through mathematical concepts and language, used in a wide range of sciences to predict and analyze behaviors.

Controlled Experiments

Experimental setups in which researchers manipulate one variable while holding all other variables constant to study cause and effect relationships.