Fair Lending Laws And Regulations Quiz! Trivia
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Fair lending laws and regulations quiz! It is quite rare to get someone without debt of some kind and people or businesses look for different things before they decide on giving someone or a business credit. The fair lending laws try to ensure that people are not discriminated based on characteristic, race, sex or place of residence. If you want to work for Weber Olcese you must understand these laws and regulations in detail. Test yourself now!
- 1.The Equal Credit Opportunity Act (ECOA) prohibits discrimination based on:
- A.
Race or color
- B.
Religion
- C.
National origin
- D.
Sex
- E.
Marital status
- F.
Age
- G.
None of the above
- H.
All of the above
- 2.A bank may not request information about an applicant’s spouse or former spouse except under which of the following circumstances?
- A.
The applicant is relying on the spouse’s income, at least in part, as a source of income
- B.
The non-applicant spouse will be contractually liable on the account
- C.
The non-applicant spouse will be a user or joint obligor on the account
- D.
The applicant is relying on alimony, child support, or separate maintenance income as a basis for obtaining the credit
- E.
All of the above
- 3.The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction including any extension of credit.
- A.
True
- B.
False
- 4.The ECOA requires financial institutions and other firms engaged in the extension of credit to “make credit equally available to all creditworthy customers without regard to sex or marital status”?
- A.
True
- B.
False
- 5.A creditor shall discriminate against an applicant on a prohibited basis regarding any aspect of a credit transaction?
- A.
True
- B.
False
- 6.Weber Olcese employees ARE permitted to ask a customer for information related to a charge or arrest against a customer or the reasons why the customer was incarcerated.
- A.
True
- B.
False
- 7.Weber Olcese employees shall not ask a customer about their marital status.
- A.
True
- B.
False
- 8.Weber Olcese employees ARE permitted to document a customer's specific medical information in the notes.
- A.
True
- B.
False
- 9.Which of the following information details is a Weber Olcese employee allowed to ask a customer about?
- A.
Customer's race
- B.
Customer's color
- C.
Customer's religion
- D.
None of the above
- 10.Weber Olcese shall not ask if a customer is receiving alimony, child support or separate maintenance payments unless the team member first discloses to the customer that such income need not be revealed unless the customer is relying on that income in the determination of a settlement.
- A.
True
- B.
False
Questions: 20 | Attempts: 10504 | Last updated: Sep 2, 2020
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