Consumer Financial Protection and Fair Practices Quiz
Take this quiz to learn about consumer financial protection laws, including FCRA, TILA, FDCPA, and more. Test yourself now!
#1
Which agency oversees consumer financial protection in the United States?
Federal Communications Commission (FCC)
Federal Trade Commission (FTC)
Consumer Financial Protection Bureau (CFPB)
Securities and Exchange Commission (SEC)
#2
What is the purpose of the Fair Credit Reporting Act (FCRA)?
To regulate credit card companies
To protect consumers' personal information in credit reports
To ensure fair pricing of consumer goods
To regulate mortgage lenders
#3
What is the primary goal of the Truth in Lending Act (TILA)?
To prevent unfair debt collection practices
To regulate interest rates on loans
To ensure consumers receive accurate information about the cost of credit
To regulate bankruptcy proceedings
#4
Which of the following is NOT a right protected by the Fair Debt Collection Practices Act (FDCPA)?
The right to dispute and validate debts
The right to privacy
The right to be free from harassment or abuse
The right to avoid all debt collections
#5
What is the purpose of the Equal Credit Opportunity Act (ECOA)?
To regulate credit card fees
To ensure fair treatment for all credit applicants
To establish maximum interest rates on loans
To regulate credit reporting agencies
#6
Which of the following is NOT covered under the Electronic Fund Transfer Act (EFTA)?
ATM transactions
Online bill payments
Debit card transactions
Credit card transactions
#7
What is the primary purpose of the Fair Debt Collection Practices Act (FDCPA)?
To regulate interest rates on loans
To protect consumers from abusive debt collection practices
To establish credit reporting standards
To regulate bankruptcy proceedings
#8
What does the term 'usury' refer to in the context of consumer finance?
The practice of lending money at unreasonable and often illegal rates of interest
The process of calculating compound interest
The legal process of declaring bankruptcy
The practice of investing in high-risk financial instruments
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