PREAMBLE[]
With a looming financial crisis in the horizon with the fall of one of our country's most robust banks, the Royal Cartrian Investment Bank, it is imperative that parliament takes definitive steps to soften the effects or avoid altogether an economic crises which could deeply hurt our citizens for many generations to come. In cooperation with my colleague the Deputy Secretary of Finance Wim Kok, we have drafted a series of acts relating to the financial sector in order to diminish speculative trading and other such risky financial transactions at the expense of regular people.
---- Elizabeth Warren MP
NAME[]
Full: Consumer Financial Protection Act 577AER
Short: CFPB Act
Part of: Financial Reform and Consumer Protection Acts (Kok-Warren Financial Acts)
DEFINITION[]
An Act to establish a federal agency responsible for consumer protection in the financial sector.
Consumer Financial Protection Act 577AER[]
Be it enacted by the Emperor's most Excellent Majesty, Vinther III, by and with the advice and consent of the Chamber of Deputies and the Imperial Senate, in this present Parliament assembled, and by the authority of the same, as follows:--
SECTION 1: ESTABLISHMENT OF THE CFPB[]
(1) This Act shall establish the Consumer Financial Protection Bureau (CFPB).
(2) The CFPB shall be a permanent governmental agency responsible for consumer protection in the financial sector.
(3) CFPB jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, student loans and other financial companies operating in the Falleentium.
(4) The Director of the CFPB shall be appointed by the Secretary of Economic Affairs with the consent of the Imperial Chancellor.
(5) The CFPB shall work closely with state regulators in coordinating supervision and enforcement activities.
(6) The CFPB shall maintain a database of consumer's financial complaints and keep this publically available.