Fair Lending Knowledge Check

5 Questions | Total Attempts: 35

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Fair Lending Knowledge Check - 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

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