Test your knowledge about fair lending laws by taking this trivia quiz. On 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.
Credit grantor
Credit Reporting Agency
Employer
User
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Regulation A
Regulation DD
Regulation B
Regulation Z
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TRUE
FALSE
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An application for a closed-end loan
An application for an open-end credit plan for a consumer purpose secured by 1-4 units of residential real property
A commercial transaction securing residential real property
Both A and B.
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At the time of establishing a customer relationship.
Monthly.
Annually.
Both A and C
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Disparate treatment
Disparate Impact
Overt Discrimination
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TRUE
FALSE
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Regulate the consumer reporting industry
Establish a way for financial institutions to pull credit reports on everyone without permissible purposes.
Place disclosure obligations on users of consumer reports
Ensure timely, fair, and accurate reporting of credit information
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