Definition
Financial reform law of 2010 regulating mortgages, establishing consumer protections, and creating CFPB.
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Dodd-Frank created CFPB for consumer protection. Law regulates mortgage underwriting, pricing, and servicing. Law implements qualified mortgage standards. Law requires lender ability-to-repay analysis. Dodd-Frank protects consumers from abusive practices.
Pro Tip
Dodd-Frank protections ensure responsible lending; understand mortgage requirements.
Example
Dodd-Frank requirement for ability-to-repay analysis before mortgage approval.