Understanding Financial Scams and Regulations

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

• They required a minimum balance of $10,000.

• They were only available to corporate clients.

• Old customers were not informed about new higher rates.

• They offered the highest rates in the market.

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

• The Great Depression

• The dot-com bubble

• The 2008 financial crisis

• The 2020 stock market crash

What was one of the consequences of the subprime mortgage crisis?

• A decrease in housing prices

• A reduction in government regulations

• An increase in employment rates

• A global economic boom

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

• Requiring them to merge with another bank

• Banning them from offering mortgages

• Fining them $100 million for unauthorized accounts

• Forcing them to close all branches

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

• Stripe

• Venmo

• PayPal

• Cash App

What is one of the main roles of the CFPB?

• To regulate financial institutions and protect consumers

• To provide loans to small businesses

• To manage the national budget

• To oversee international trade agreements

What was the reason for the CFPB's operational pause in 2025?

• A natural disaster

• A government shutdown

• A directive from the newly appointed administrator

• A cyber attack

What was the outcome of the federal judge's decision regarding the CFPB in March?

• The CFPB was restructured under new leadership.

• The CFPB was merged with another agency.

• The CFPB was allowed to continue its operations.

• The CFPB was permanently closed.

Why might the financial sector rally around the CFPB?

• To reduce their tax obligations

• To gain more government contracts

• To avoid competition from fintech companies

• To increase their profits

What should consumers do when considering new financial products?

• Read and understand the terms carefully

• Ignore the terms and conditions

• Rely solely on advertisements

• Trust the bank's recommendations