Test Your Knowledge About Fair Lending Laws! Trivia Quiz
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Test your knowledge about fair lending laws by taking this trivia quiz. What basis can you reject someone’s loan application? The quiz is perfect for testing out just how much you know about these laws and what they mean to the banking sector as a whole. Give it a shot and get to understand the reasoning behind them a little better.
- 1.What regulation implements the Equal Credit Opportunity Act?
- A.
Regulation A
- B.
Regulation DD
- C.
Regulation B
- D.
Regulation Z
- 2.When a lender applies a policy or practice equally to credit applicants, but the policy or practice has a disproportionate adverse affect on a protected group, the policy or practice is described as:
- A.
Disparate treatment
- B.
Disparate Impact
- C.
Overt Discrimination
- 3.TRUE or FALSE.Primary responsibility for administering the provisions of the Fair Housing Act rests with the FDIC.
- A.
TRUE
- B.
FALSE
- 4.TRUE or FALSE.A "Notice of Joint Intent" applies to Commercial customers as well as Consumers.
- A.
TRUE
- B.
FALSE
- 5.Select ALL that apply.The 3 Primary Purposes of the Fair Credit Reporting Act are:
- A.
Regulate the consumer reporting industry
- B.
Establish a way for financial institutions to pull credit reports on everyone without permissible purposes.
- C.
Place disclosure obligations on users of consumer reports
- D.
Ensure timely, fair, and accurate reporting of credit information
- 6.Community First Bank and Trust is NOT a ________________ according to the FCRA:
- A.
Credit grantor
- B.
Credit Reporting Agency
- C.
Employer
- D.
User
- 7.SELECT BEST ANSWER.A "Notice to the Home Loan Applicant" must be made in connection with:
- A.
An application for a closed-end loan
- B.
An application for an open-end credit plan for a consumer purpose secured by 1-4 units of residential real property
- C.
A commercial transaction securing residential real property
- D.
Both A and B.
- 8.SELECT BEST ANSWER.Community First Bank and Trust's Identity Theft Red Flag Program covers the following items:
- A.
"Reasonable" policies and procedures
- B.
"Continued" administration of the program
- C.
Considers "Interagency guidelines on Identity Theft detection, Prevention, and Mitigation
- D.
All of the above.
- 9.SELECT BEST ANSWER.The Gramm-Leach-Bliley Act of 1999 requires financial institutions to provide disclosures:
- A.
At the time of establishing a customer relationship.
- B.
Monthly.
- C.
Annually.
- D.
Both A and C
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