Briefly explain the key features of the Consumer Financial Protection Act of 2010

What will be an ideal response?

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act is entitled the Consumer Financial Protection Act of 2010. The act is designed to increase relevant disclosure regarding consumer financial products and services and to eliminate deceptive and abusive loan practices. The act is also designed to prevent hidden fees and charges. The new law requires disclosure of relevant information to consumers in plain language that permits consumers to understand the costs, benefits, and risks associated with consumer financial products and services. The act requires that credit card companies provide calculators that give the payoff terms under different scenarios, such as if only minimum payments are made or the payments that are needed to pay the balance off in one year and such. Other provisions limit fees for using debit cards to be reasonable and proportional to the cost incurred in processing the payment.