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Questions and Answers
What is considered a deceptive act or practice under Dodd-Frank?
What is considered a deceptive act or practice under Dodd-Frank?
- An act or practice that misleads or is likely to mislead the consumer, the consumer's interpretation is reasonable under the circumstances, and the misleading act or practice is material. (correct)
- An act or practice that misleads or is likely to mislead the consumer, the consumer's interpretation is unreasonable under the circumstances, and the misleading act or practice is material.
- An act or practice that benefits the consumer, the consumer's interpretation is reasonable under the circumstances, and the misleading act or practice is immaterial.
- An act or practice that benefits the consumer, the consumer's interpretation is unreasonable under the circumstances, and the misleading act or practice is immaterial.
What is the consequence of making false statements that could mislead consumers?
What is the consequence of making false statements that could mislead consumers?
- It could lead to a higher consumer satisfaction rate.
- It could violate Dodd-Frank's prohibition of deceptive acts or practices. (correct)
- It could increase the company's revenue.
- It could lead to a decrease in consumer complaints.
What must be taken into consideration when determining whether an act or practice is deceptive?
What must be taken into consideration when determining whether an act or practice is deceptive?
- The government's opinion
- The company's opinion
- The entire situation (correct)
- The consumer's opinion
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