📘 Resource: Consumer Financial Protection Bureau and National Association of Federally-Insured Credit Unions
Step Type: Text
What learners will learn: Practice areas and oversight responsibilities of CFPB and NAFCU.
Step Description
This resource examines the roles and functions of both the Consumer Financial Protection Bureau (CFPB) and the National Association of Federally-Insured Credit Unions (NAFCU). While the CFPB aims to maintain a fair and transparent financial marketplace across the country, the NAFCU's efforts are focused specifically on the compliance of federally-insured credit unions.
Summary of Content
This step introduces the Consumer Financial Protection Bureau (CFPB) and the National Association of Federally-Insured Credit Unions (NAFCU). It outlines each organization's role in protecting consumers and supporting credit unions through regulation, advocacy, and education.
Key Topics Covered
CFPB’s purpose: protect consumers from unfair, deceptive, or abusive financial practices
CFPB activities: rulemaking, complaint handling, enforcement, research, and reporting to Congress
NAFCU’s role: advocacy, compliance support, and education for federally-insured credit unions
NAFCU services: regulatory analysis, training, research, and risk management support
Focus areas: consumer protection, data privacy, cybersecurity, and regulatory compliance
📘 Consumer Financial Protection Bureau
Step Type: Polygraph
What learners will learn: Practices of the Consumer Financial Protection Bureau.
Step Description
The Consumer Financial Protection Bureau aims to create a fairer and more transparent financial marketplace, making sure consumers have access to safe and affordable products. Review the full scope and practices of CFPB here.
Summary of Content
Learners explore the origins, goals, and enforcement actions of the CFPB, including how it handles consumer complaints, provides financial education, and ensures fairness in credit and lending practices.
Key Topics Covered
Establishment of the CFPB in 2011
Consumer complaint handling
Regulatory authority over financial institutions
Mission to ensure fair, clear, and safe products
📘 National Association of Federally-Insured Credit Unions
Step Type: Streak
What learners will learn: Practices of the National Association of Federally-Insured Credit Unions.
Step Description
The National Association of Federally-Insured Credit Unions was formed to ensure the interests of credit unions are heard by lawmakers and regulators. You'll learn about its advocacy and support practices in this step.
Summary of Content
Learners discover how NAFCU advocates for federally-insured credit unions, provides compliance training, and supports the industry through educational and lobbying efforts.
Key Topics Covered
Founding year: 1967
Mission to advocate and support credit unions
Services: compliance, education, advocacy
State and federal-level influence
Focus areas like cybersecurity and data privacy
📘 Resource: Office of the Comptroller of the Currency and Financial Industry Regulatory Authority
Step Type: Text
What learners will learn: Office of the Comptroller of the Currency and Financial Industry Regulatory Authority practices and scope.
Step Description
The Office of the Comptroller of the Currency (OCC) and Financial Industry Regulatory Authority (FINRA) both oversee institutions at a national level. OCC ensures national banks and federal savings associations comply with laws and regulations, while FINRA's scope encompasses brokerages and brokers to protect the interests of investors.
Summary of Content
This step introduces the Office of the Comptroller of the Currency (OCC) and the Financial Industry Regulatory Authority (FINRA). It explains their roles in overseeing national banks and brokerage firms, enforcing compliance, and protecting consumers and investors.
Key Topics Covered
OCC oversight of national banks and federal savings associations
OCC responsibilities: examinations, enforcement actions, chartering, and merger approvals
OCC focus areas: consumer protection, AML, fair lending, risk management
FINRA role: oversight of brokers and brokerage firms
FINRA responsibilities: rulemaking, examinations, enforcement
FINRA penalties: fines, suspensions, industry bans
📘 Office of the Comptroller of the Currency
Step Type: MultiChoice
What learners will learn: Practices of the OCC.
Step Description
The goal of the OCC is to maintain a stable and competitive national banking system that supports economic growth and protects consumers. Learn what that could mean for your institution in this step.
Summary of Content
This step focuses on the OCC's responsibilities, including regulating national banks, enforcing compliance with federal laws, evaluating financial health, and approving bank mergers.
Key Topics Covered
Regulation of national banks and federal savings associations
Promotion of banking system stability
Oversight of compliance with consumer protection and fair lending laws
Enforcement actions and approvals of bank formations and mergers
📘 Financial Industry Regulatory Authority
Step Type: True or False
What learners will learn: FINRA practices.
Step Description
The Financial Industry Regulatory Authority creates and enforces rules for how brokers must conduct business, helping to maintain the integrity of the stock markets. We'll dive into the full scope and practices of FINRA here.
Summary of Content
Learners are introduced to FINRA's role in monitoring brokerages, enforcing fair trading practices, and ensuring compliance with securities laws.
Key Topics Covered
FINRA as a private self-regulatory organization
Enforcement of trading and investor protection rules
Oversight of brokerages and individual brokers
Accountability to regulatory bodies like the SEC
📘 Mastery Test: US Regulators 101
Step Type: MultiChoice
What learners will learn: US Regulators 101 course review.
Step Description
Test your knowledge of US Regulators 101 with this mastery step!
Summary of Content
This mastery step reinforces key takeaways from the course, with a focus on the roles and jurisdictions of NAFCU, CFPB, OCC, and FINRA.
Key Topics Covered
Issues and services provided by NAFCU
Consumer protection role of CFPB
OCC’s bank regulatory functions
FINRA’s oversight of brokerage firms
Distinctions between each regulator’s scope