Fair Lending Final Quiz

10 Questions | Total Attempts: 66

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Fair Lending Final Quiz - Quiz

Questions and Answers
  • 1. 
    What was the first act passed in regard to Fair Lending?
    • A. 

      Fair Housing Act

    • B. 

      Equal Credit Opportunity Act

    • C. 

      Home Mortgage Disclosure Act

    • D. 

      Home Ownership and Equity Protection Act

  • 2. 
    Which act established the CFPB?
    • A. 

      ECOA

    • B. 

      Fair Housing Act

    • C. 

      Dodd-Frank Act

    • D. 

      SAFE Act

  • 3. 
    Which of the following acts is NOT directly related to fair lending?
    • A. 

      Fair Housing Act

    • B. 

      Equal Credit Opportunity Act

    • C. 

      Homeowners Protection Act

    • D. 

      Home Ownership and Equity Protection Act

  • 4. 
    Fair Lending is defined as, “fair, equitable, and nondiscriminatory access to credit for consumers.”
    • A. 

      True

    • B. 

      False

  • 5. 
    Penalties for each violation of laws regulated by the CFPB can carry all of the following fines EXCEPT:
    • A. 

      $1,000 a day

    • B. 

      $5,000 a day

    • C. 

      $25,000 a day

    • D. 

      $1,000,000 a day

  • 6. 
    The Fair Housing Act was passed as a memorial to who's life?
    • A. 

      Lyndon Johnson

    • B. 

      Martin Luther King, Jr

    • C. 

      John F Kennedy

    • D. 

      Frank Dodd

  • 7. 
    Who has the enforcement duties for the Fair Lending laws and regulations such as ECOA and HMDA?
    • A. 

      The Federal Financial Bureau

    • B. 

      Consumer Financial Protection Bureau

    • C. 

      Congress

    • D. 

      Department of Housing and Urban Development

  • 8. 
    Which of the following would NOT be a basis for an individual being considered to be in a protected class?
    • A. 

      Race

    • B. 

      Sex

    • C. 

      Education

    • D. 

      Religion

  • 9. 
    The primary reason ECOA was established was the discriminatory treatment of:
    • A. 

      Teenagers

    • B. 

      Women

    • C. 

      Aliens

    • D. 

      Christians

  • 10. 
    Mortgage lending laws in the United States reflect a commitment to the belief that access to home loans should be available to all consumers who can demonstrate creditworthiness and based on accurate personal financial information.
    • A. 

      True

    • B. 

      False

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