Consumer Credit Laws and Regulations Quiz
Test your knowledge on consumer credit law with questions on TILA, FCRA, ECOA & more. Get insights into regulations & protections.
#1
Which federal agency enforces consumer credit laws in the United States?
Federal Reserve System
Consumer Financial Protection Bureau
Federal Trade Commission
Securities and Exchange Commission
#2
What does the Truth in Lending Act (TILA) require lenders to disclose?
Annual percentage rate (APR)
Credit limits
Loan application fees
Monthly payment dates
#3
Which of the following is NOT considered a form of predatory lending?
Payday loans with high-interest rates
Mortgage loans with hidden fees and terms
Auto loans offered by reputable dealerships
Title loans with excessive collateral requirements
#4
What is the main purpose of the Fair Debt Collection Practices Act (FDCPA)?
To regulate the collection activities of debt collectors
To dictate maximum interest rates on credit cards
To oversee the allocation of federal grants
To manage federal student loan programs
#5
What is Regulation B primarily concerned with?
Equal Credit Opportunity
Credit Reporting
Consumer Privacy
Credit Card Regulation
#6
What is Regulation Z?
A regulation that sets standards for consumer credit disclosures
A regulation that governs product safety
A regulation that controls import/export tariffs
A regulation that oversees environmental protection
#7
Which of the following is NOT a right granted to consumers under the Fair Credit Reporting Act (FCRA)?
Right to dispute inaccurate information on credit reports
Right to access credit reports annually for free
Right to request a credit score for free
Right to sue creditors who report accurate negative information
#8
Under the Credit CARD Act of 2009, what is the maximum time period for billing disputes to be resolved?
30 days
60 days
90 days
120 days
#9
What is the purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
To prevent financial crises and protect consumers
To deregulate the financial industry
To promote risky investment strategies
To eliminate consumer protection agencies
#10
Under the Electronic Fund Transfer Act (EFTA), consumers have the right to report unauthorized transactions within how many days?
10 days
30 days
60 days
90 days
#11
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
To ensure that lenders provide fair and equal access to credit
To regulate interest rates on credit cards
To establish credit scoring models
To control bankruptcy filings
#12
Which federal agency oversees the enforcement of the Fair Credit Billing Act (FCBA)?
Federal Reserve System
Consumer Financial Protection Bureau
Federal Trade Commission
Office of the Comptroller of the Currency
#13
Which of the following is NOT a right granted to consumers under the Fair Credit Billing Act (FCBA)?
Right to dispute billing errors
Right to withhold payment on disputed amounts
Right to receive a refund for disputed charges
Right to sue creditors for billing errors
#14
Which of the following is NOT covered by the Fair and Accurate Credit Transactions Act (FACTA)?
Free annual credit reports
Identity theft prevention measures
Opt-out prescreening
Credit card interest rate regulation
#15
Under the Fair Debt Collection Practices Act (FDCPA), what time period must debt collectors adhere to when contacting consumers?
Any time during business hours
Before 8:00 AM and after 9:00 PM
Only on weekends
After 12:00 PM
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