3 Questions
What is considered an abusive act or practice according to Dodd-Frank?
An act that interferes with a consumer's ability to understand a term or condition of a consumer financial product or service
What must an act or practice do to be considered abusive according to Dodd-Frank?
Materially interfere with the ability of a consumer to understand a term or condition of a consumer financial product or service
Are abusive acts or practices considered the same as unfair or deceptive acts or practices according to Dodd-Frank?
No, each prohibition is separate and distinct and are governed by separate legal standards
Test your knowledge on the Abusive Acts or Practices under the Dodd-Frank Act with this quiz. Learn about the definition of an abusive act, including how it interferes with a consumer's ability to understand financial terms and how it takes advantage of their lack of understanding of risks and costs. Increase your understanding of consumer protection laws and financial regulations with this informative quiz.
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