Mortgage Loan Originator (MLO) Licensing Practice Test

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Prepare for the Mortgage Loan Originator Licensing Test with engaging quizzes. Study with multiple-choice questions that include explanations and suggestions. Ace your exam with confidence!

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What does CFPB stand for?

Consumer Financial Pricing Bureau
Consumer Financial Protection Bureau
Central Federal Planning Bureau
Consumer Fund Protection Bureau

The correct answer is: Consumer Financial Protection Bureau

The correct answer is "Consumer Financial Protection Bureau," which is the full name of the agency commonly referred to by its acronym, CFPB. This agency was established in response to the financial crisis of 2007-2008, with the primary goal of protecting consumers in the financial sector. The CFPB oversees financial products and services, enforces federal consumer financial laws, and aims to promote fairness and transparency for consumers when dealing with banks, lenders, and other financial institutions. The other options do not accurately describe the agency. "Consumer Financial Pricing Bureau" and "Consumer Fund Protection Bureau" are incorrect as they do not match the official title or purpose of the organization. "Central Federal Planning Bureau" is unrelated to consumer financial protection and does not exist in the context of U.S. financial regulation, further emphasizing the importance of understanding the correct agency name and its role in consumer protection.