Which regulatory agency has primary enforcement authority over UDAAP violations for most mortgage lenders?
Correct Answer
B) Consumer Financial Protection Bureau (CFPB)
The Consumer Financial Protection Bureau (CFPB) has primary authority to enforce UDAAP regulations under the Dodd-Frank Act for most financial institutions, including mortgage lenders, with assets over $10 billion and certain smaller institutions.
Why This Is the Correct Answer
The Consumer Financial Protection Bureau (CFPB) has primary authority to enforce UDAAP regulations under the Dodd-Frank Act for most financial institutions, including mortgage lenders, with assets over $10 billion and certain smaller institutions.
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