#1
Which agency oversees consumer financial protection in the United States?
Consumer Financial Protection Bureau (CFPB)
ExplanationRegulator for consumer financial protection.
#2
What does APR stand for in the context of consumer finance?
Annual Percentage Rate
ExplanationAnnual interest rate on loans.
#3
What does FDIC stand for in the context of consumer finance?
Federal Deposit Insurance Corporation
ExplanationInsures deposits in banks.
#4
What does RESPA stand for?
Real Estate Settlement Procedures Act
ExplanationRegulates real estate transaction procedures.
#5
What does CFPB stand for?
Consumer Financial Protection Bureau
ExplanationRegulator for consumer finance protection.
#6
Which law requires lenders to disclose the total cost of a loan, including the interest rate and fees?
Truth in Lending Act (TILA)
ExplanationMandates clear loan cost disclosure.
#7
What is the main purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
To prevent another financial crisis and protect consumers
ExplanationAims to avert financial crises and safeguard consumers.
#8
What is the purpose of the Fair Debt Collection Practices Act (FDCPA)?
To prevent abusive debt collection practices
ExplanationStops abusive debt collection methods.
#9
Which federal agency enforces the Fair Credit Reporting Act (FCRA)?
Federal Trade Commission (FTC)
ExplanationFTC regulates credit reporting.
#10
What is the purpose of the Electronic Fund Transfer Act (EFTA)?
To establish rules for electronic transactions and protect consumers
ExplanationSets rules for electronic transactions.
#11
Which of the following is NOT a type of financial institution regulated by the Consumer Financial Protection Bureau (CFPB)?
Stock Brokerages
ExplanationStock brokerages aren't under CFPB regulation.
#12
Which act requires lenders to provide borrowers with clear and concise information about mortgage loan terms and costs?
Real Estate Settlement Procedures Act (RESPA)
ExplanationEnsures clear mortgage loan information.
#13
Which federal agency is responsible for enforcing the Servicemembers Civil Relief Act (SCRA)?
Department of Defense (DOD)
ExplanationDOD enforces relief for service members.
#14
Which federal agency regulates the disclosure of information by financial institutions to consumers under the Gramm-Leach-Bliley Act (GLBA)?
Federal Trade Commission (FTC)
ExplanationFTC regulates information disclosure.
#15
What is the primary purpose of the Fair and Accurate Credit Transactions Act (FACTA)?
To establish consumer rights related to credit reports and identity theft prevention
ExplanationEstablishes credit report rights and prevents identity theft.