Terms
Consumer Regulations
Misc. Ch 4
Misc. Ch 5
Misc. Ch 6
100
when too much money in the economy results in rising prices
What is inflation?
100
required all lenders to make credit decisions based solely on credit qualifications;use of gender, marital status, race, religion, age, national origin, or whether an individual receives public assistance benefits to determine whether that individual should get a loan is illegal
What is the Equal Credit Opportunity Act?
100
a type of money that has value because the government says it has value
What is fiat money?
100
This person developed The First Bank of the United States
Who is Alexander Hamilton?
100
the maximum rate that a bank can pay on certain deposits
What is the interest rate ceiling?
200
occurs when a central authority shares power with regional and local authorities
What is decentralization?
200
protects consumers from unfair and deceptive credit card practices and gives cardholders additional rights
What is the Credit CARD Act?
200
M2+Money Market Accounts (>$100,000)+Savings Accounts (>$100,000)
What is M3?
200
the governing body of the Federal Reserve System
What is the Board of Governors?
200
the act that created FDIC
What is the Glass-Steagall Act?
300
the interest rate that banks charge their best customers
What is prime rate?
300
requires that all terms of and costs related to a loan must be provided to the consumer in writing
What is the Truth in Lending Act?
300
the phenomenon that occurs when new deposits increase the money supply by more that the original deposit
What is the money multiplier effect?
300
this bank serves as the bank for the U.S. government
What is the Federal Reserve Bank?
300
An Act that required all credit bureaus collect and distribute information in a fair and legal manner and provided processes for correcting credit report errors
What is the Fair Credit Reports Act?
400
occurs when a large number of depositors withdraw all of their money from a bank at the same time due to fear that their money is unsafe
What is bank run?
400
protects consumers from unfair billing practices and provides a way to correct billing errors
What is the Fair Credit Billing Act?
400
a type of money that has perceived value and can be used as payment for something else
What is commodity money?
400
the interest rate that banks charge their best customers
What is the prime rate?
400
October 29, 1929
What is Black Friday?
500
a copy of something represented as the real thing
What is counterfeit?
500
prevented redlining by requiring that banks and other depository institutions shows that they are serving the credit needs of all people in their market areas
What is the Community Reinvestment Act?
500
Currency+Funds Deposited in Checking Accounts
What is M1?
500
a committee that consists of members including all members of the BOG, the NY district president, and other district presidents
What is the Federal Open Market Committee?
500
required most mortgage-lending institutions to report data related to mortgage loans in order to allow for more transparency in lending
What is the Home Mortgage Disclosure Act?
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