Compliance

How confident are you with the material presented for Compliance?

• I'm a pro

• I think I got a good understanding

• I understand the material but I could use a refresher

• HELP ME!

How effective would you rate the Compliance training

• Very effective

• Effective

• Could use improvement

• Not effective at all

What is another name for the Equal Credit Opportunity Act (ECOA)?

• Fair Credit Reporting Act

• Fair Lending & Reg B

• Federal Lending Act

• Fair Lending & Reg C

What option is not considered a type of discrimination?

• Lender denies app because applicant cannot speak English

• Lender denies app because the applicant receives Social Security as income

• Lender denies app because applicant is 75 years old

• Lender denies app because the applicant doesn't make enough money

Which of the below is considered disparate treatment?

• Lender only approves English speaking applicants

• Lender only approves applicants that have a credit score of 750 and higher

• Lender only approves applicant that have a physical mailing address

• Lender will not approve applicants that have 3 or more delinquent accounts

Collections may call consumers between 8 AM - 9 PM in the timezone the customers reside?

• True

• False

Which of the following is considered a violation with the FDCPA?

• Called the customers job 4 times

• Contacted the customer after 10:30 PM EST (agent's local time) and 7:30 PM PST (customer's time)

• Contacted the customer and said we will send a subpoena if they do not pay their bill

• Contacted the customer 6 times throughout the day

Which of the following is considered an unfair, deceptive, or abusive action?

• The customer received a CL increase in error. We removed the CL and sent the customer a letter.

• The customer received a direct mailer without an offer amount

• The customer was told they would wouldn't be charged any monthly fees but were never told about the annual charge

• The customer's APR increased and we notified them about the change 30 days prior

The customer received an offer letter for $1,000 and two weeks later a 2nd for $2500. The customer applied for the $1,000 a week before they received their 2nd offer and was approved. The customer called to have their credit line increased to the $2500 offer. The agent explained that we would not be able to increase their CL at this time. Would this be considered a compliance fail under UDAAP?

• True

• False

How many days does a financial institution have to advise applicants of credit decisions (approved, declined, etc.)?

(a)