discussion question
Instructions
1.Explain the role of the Consumer Financial Protection Bureau. http://www.consumerfinance.gov (Links to an external site.) Research and detail the key elements that this Bureau will oversee and list their privacy responsibilities. Discuss how the agency will protect consumers. Are there negative impacts to the agency? Provide a list of sources for your research.2.What factors in todays society have contributed to the current rise in identity theft?3.Do social networking sites (Twitter, Facebook) contribute to identify theft?
Answer
Question 1One of the functions of the Consumer Financial Protection Bureau (CFPB) is to research and provide consumers with current financial information and resources for the consumers to protect their finances. CFPB also monitors the operations of financial companies to ensure they adhere to the set financial laws. Lastly, CFBP investigates alleged cases of fraud and takes necessary action such as litigation against the firms.The bureau oversees the financial operations of organizations and ensures that they do not interfere with the accounts. About privacy, the bureau has a provision of consumers reporting any complaint they have about a firm for investigations to be done. In such a case, the bureau has the mandate of maintaining consumer privacy and confidentiality during its investiga...
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