Understanding Financial Scams and Regulations

What was the main issue with Capital 1's high yield savings accounts?

• They offered the highest rates in the market.

• They required customers to switch accounts to get better rates.

• They were not affected by Federal Reserve decisions.

• They were only available to new customers.

What major financial event led to the creation of the CFPB?

• The 2008 financial crisis

• The dot-com bubble

• The Great Depression

• The 2020 pandemic recession

What was one of the actions taken by the CFPB against Wells Fargo?

• They fined Wells Fargo $100 million.

• They merged Wells Fargo with another bank.

• They shut down Wells Fargo's operations.

• They increased Wells Fargo's interest rates.

Which fintech company was ordered by the CFPB to refund users due to fraud issues?

• Zelle

• PayPal

• Cash App

• Venmo

What was the impact of the CFPB's pause in 2025?

• It resulted in the creation of a new agency.

• It increased the CFPB's regulatory powers.

• It halted enforcement actions and lawsuits.

• It led to the immediate closure of all banks.

Who was responsible for ordering the CFPB's employees to stop work tasks in 2025?

• The President of the United States

• The Supreme Court

• Russell Vote

• Elon Musk

What was one of the reasons some wanted the CFPB to be shut down?

• It was too lenient on banks.

• It was too expensive to maintain.

• It had no impact on financial regulations.

• It was seen as a threat to certain political interests.

What did JP Morgan Chase CEO Jaime Diamond say about the CFPB?

• It should be replaced by a new agency.

• It was the only body regulating fintech products.

• It was unnecessary for financial regulation.

• It was too strict on traditional banks.

What did a federal judge decide regarding the CFPB in March 2025?

• The CFPB should merge with another agency.

• The CFPB could only be eliminated by Congress.

• The CFPB's funding was unconstitutional.

• The CFPB should be dissolved immediately.

What is advised for consumers regarding new financial products?

• To invest without reading terms.

• To rely solely on bank advice.

• To read and understand terms fully.

• To avoid all financial products.