Name that Reg
This act allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring information be provided in writing.
E-Sign Act
The Military Lending Act caps the annual percentage rate (APR) for covered borrowers at __ %.
36%
Violations of a consumer protection law, such as the FCRA or TILA can also be considered a violation of UDAAP.
True
Two of the four traditional BSA pillars are 1) a BSA training program and 2) a designated BSA Compliance Officer.
Name the other two pillars.
3) Internal controls
4) Independent testing
Among many other things, this act of law includes the requirement to disclose the annual percentage rate (APR) in nearly all consumer credit transactions.
Reg Z – Truth in Lending
Currency transaction reports (CTRs) must be filed on transactions conducted with cash over $______.
$10,000
National origin is NOT one of the prohibited bases under the Equal Credit Opportunity Act.
False
Commonly known by the acronym SAR, this document should be filed with FinCEN no later than 30 days after a potential BSA violation, possible fraud, or questionable behavior happens on an account.
Suspicious activity report
This act, among other things, prohibits lenders from requiring a customer’s authorization for loan repayment through preauthorized electronic transfers.
Electronic Funds Transfer Act (EFTA)
Under FACTA, consumers are entitled to a free credit report from the three national consumer reporting agencies every __ months.
12 months
To comply with the BSA, covered institutions must maintain a record of all monetary instruments purchased with cash between $3,000 and $10,000.
True
Based on the FDCPA, which of these statements is NOT true?
a. Collectors must never visit a customer's home or place of employment to discuss a debt
b. Collection efforts must cease if the customer informs the collector that they have followed bankruptcy
c. Collectors may say they are from an attorney's office to increase the likelihood of successful collection efforts
d. Collectors must never contact a customer before 8a or after 9p in the customer's time zone
c. Collectors may say they are from an attorney's office to increase the likelihood of successful collection efforts
This act was intended to protect consumers from receiving unsolicited calls or messages. It also established the national Do Not Call registry.
Telephone Consumer Protection Act (TCPA)
Under Regulation B, ____ ____ notices are designed to help consumers by providing transparency into the credit underwriting process and protect against potential discrimination by requiring creditors to explain the reasons adverse action was taken.
Adverse action
To receive benefits under the SCRA, an account can be opened at any time as long as the borrower is military personnel.
False. To receive SCRA benefits, an account has to be opened prior to the borrower being called to active duty.
Of the three theories of liability under ECOA, ___ _______ refers to when a lender openly discriminates on a prohibited basis.
For example, a lender offering a credit card with a limit of up to $750 for applicants aged 21--30 and $1500 for applicants over 30.
Overt discrimination
This act, an amendment to the FCRA, established the “Red Flags Rule” requiring financial institutions to establish a program to detect, prevent, and mitigate identity theft.
Fair and Accurate Credit Transactions Act (FACTA)
As part of UDAAP, an act or practice is deemed ______, if it causes substantial injury and cannot be reasonably avoided by consumers.
Unfair
If a financial institution doesn't disclose nonpublic information, a GLBA policy is not required.
False
Under CIP requirements, legal name and date of birth are two required data points that we must collect from customers. What are the other two data points?
1. Customer's physical address and
2. A government-issued ID number (such as SSN, EIN)