RFS Supervision
The acronym IPRA stands for this.
What is the Institutional Profile Risk Assessment
The term APR stands for this.
Annual Percentage Rate
This regulation allows banks to hold funds deposited by check for a specified period of time, and for specified reasons.
Regulation CC
A small bank's CRA performance is evaluated using this test.
Lending Test
A fair lending review of a bank's approved and denied loans is mostly likely testing for this kind of disparity.
underwriting disparities
These are the four pillars of risk management.
What is board and senior management oversight, policies, procedures and limits, risk monitoring and MIS, and internal controls.
The acronym TRID stands for this.
Truth-in-Lending (TILA)
Real Estate Settlement Procedures Act (RESPA)
Integrated
Disclosures
A bank is required to conduct an investigation for customer who files a dispute against a transaction on their debit card under this regulation.
Regulation E
A Large Bank's CRA performance is evaluated using these three tests.
Lending Test
Investment Test
Service Test
A fair lending review that compares of interest rates, origination fees, etc. between a control group and a target group is most likely to find what kind of disparity?
Pricing disparity
These are the three types of risks that should be evaluated in the risk assessment.
Institutional Risk
Legal and Regulatory Risk
Environmental Risk
Fill in the blank:
A bank has _____ business days to provide a _______ _________ after a consumer submits a completed residential real estate application.
A bank has 3 business days to provide a Loan Estimate after a consumer submits a completed residential real estate application.
Under Regulation DD, a bank may calculate interest on deposits using one of which two methods?
Daily Balance Method or
Average Daily Balance Method
CRA Community Development includes these four types of activities.
Affordable Housing
Community services targeted to LMI individuals and geographies
Economic Development
Revitalize and Stabilize specified geographies
A fair lending review of lending by census tract is most likely to identify this type of fair lending risk.
Redlining risk
These four factors should be considered when evaluating a violation of consumer laws and/or regulations.
1. Root Cause
2. Severity
3. Duration
4. Pervasiveness
Name four of the six of the pieces of information that a lender must obtain to have a completed application for a residential real estate loan.
Name
Income
Social Security Number
Property Address
Estimated Value of Property
Mortgage Loan Amount Requested
In general, a bank cannot charge an overdraft fee for paying an ATM or one-time debit card transaction unless they have done this.
Received the consumers request to opt-in to overdrafts in writing and provided confirmation of this request to the consumer in writing.
A small bank lending test includes these components.
Lending inside/outside the AA
Net Loan to Deposit Ratio
Distribution of loans by borrower income/revenue
Distribution of loans by geography
CRA Complaints
A bank implements a minimum loan amount of $2,500 in their loan policy, which is applied equally but has the effect of reducing loans originated to a minority group in the assessment area. This is an example of what type of discrimination?
Disparate impact
Name Four of the Seven Strategic/Business factors that are considered in the Inherent Risk Assessment.
History/Trends
Growth
Structural Complexity
Product volume
Product Complexity
Product Stability
Third Party Involvement
A bank declines to make a loan to a business that has revenues over $1MM. When must a written adverse action notice be provided?
Notice may be provided orally OR in writing within a reasonable period of time.
If the application makes a written request for the reasons the loan was denied within 60 days of the creditor's notice, the reasons must be provided in writing.
(1002.9(a)(3)(i)
A change in terms that may result in an adverse impact to consumers must be disclosed within this number of days before the change goes into effect.
30 days
Which lending product(s) may qualify for consideration under the lending test and community development test?
Multifamily housing