#1
Which federal agency enforces consumer credit laws in the United States?
Consumer Financial Protection Bureau
ExplanationCFPB enforces consumer credit laws in the US.
#2
What does the Truth in Lending Act (TILA) require lenders to disclose?
Annual percentage rate (APR)
ExplanationTILA requires disclosure of APR by lenders.
#3
Which of the following is NOT considered a form of predatory lending?
Auto loans offered by reputable dealerships
ExplanationAuto loans from reputable dealers are not predatory.
#4
What is the main purpose of the Fair Debt Collection Practices Act (FDCPA)?
To regulate the collection activities of debt collectors
ExplanationFDCPA regulates debt collectors' collection activities.
#5
What is Regulation B primarily concerned with?
Equal Credit Opportunity
ExplanationRegulation B is about ensuring equal credit opportunity.
#6
What is Regulation Z?
A regulation that sets standards for consumer credit disclosures
ExplanationRegulation Z sets standards for credit disclosures.
#7
Which of the following is NOT a right granted to consumers under the Fair Credit Reporting Act (FCRA)?
Right to sue creditors who report accurate negative information
ExplanationConsumers can't sue for accurate negative info under FCRA.
#8
Under the Credit CARD Act of 2009, what is the maximum time period for billing disputes to be resolved?
90 days
ExplanationBilling disputes must be resolved within 90 days under CARD Act.
#9
What is the purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
To prevent financial crises and protect consumers
ExplanationDodd-Frank aims to prevent crises and protect consumers.
#10
Under the Electronic Fund Transfer Act (EFTA), consumers have the right to report unauthorized transactions within how many days?
30 days
ExplanationEFTA allows reporting of unauthorized transactions within 30 days.
#11
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
To ensure that lenders provide fair and equal access to credit
ExplanationECOA ensures fair access to credit by lenders.
#12
Which federal agency oversees the enforcement of the Fair Credit Billing Act (FCBA)?
Federal Trade Commission
ExplanationFTC oversees FCBA enforcement.
#13
Which of the following is NOT a right granted to consumers under the Fair Credit Billing Act (FCBA)?
Right to sue creditors for billing errors
ExplanationConsumers can't sue creditors for billing errors under FCBA.
#14
Which of the following is NOT covered by the Fair and Accurate Credit Transactions Act (FACTA)?
Credit card interest rate regulation
ExplanationFACTA doesn't cover 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?
Before 8:00 AM and after 9:00 PM
ExplanationDebt collectors must contact consumers within specified hours under FDCPA.