FCPS
This is one of the actions that the lender needs to do when a cardholder files a dispute re: a dubious transaction.
Reasonable investigation
Agency of the United States government that have the authority to enforce Regulation Z and the Truth in Lending Act.
Federal Trade Commission (FTC)
This is the minimum number of days before due date that a lender must prepare a billing statement to be provided to their cardholder
21 days
On what is stated on Regulation Z for Billing errors, how many days should the creditor resolve the dispute within how many days of notification receipt?
30 days
What is the definition of REG Z
Regulation Z is a federal law that regulates how lenders properly explained the cost of borrowing to consumers.
What does TILA stands for?
It’s the Truth in Lending Act.
As per Reg Z, how much is a cardholder required to pay on a specific transaction while it is under dispute
$0
When was REG Z implemented?
July 1, 1969
True or False?
Consumer Financial Protection Bureau are required to provide the customer with error resolutions procedures for billing error and special credit card procedures, including claims and defense and unauthorized use.
False
This is the term for requesting compensation due to damage to property of a merchant who rendered their service.
Tort Claim
Give atleast 3 categories covered by Reg z
Duplicate Billings
Non-Receipt of Merchandise or services
Transaction paid for by other means
Transaction amount incorrect
Credit not processed
Credit posted as debit
Unauthorized transaction
Unrecognized
Canceled merchandise or services
Who published REG Z?
The Bureau of Consumer Financial Protection
What are the transactions subject to Regulation Z?
All consumer transactions, foreign and domestic.
How many billing cycles creditor must resolve dispute with finality?
2 billing cycles.
What does CFPB stands for?
It’s the Consumer Financial Protection Bureau.
True or False – If customer is enrolled for automatic payment, Chase can’t deduct any part of disputed amount or related interest or other charges if billing error notice is received up to three business days before scheduled payment date.
TRUE
An instrument to perform cash advance.
Access checks
An independent bureau of the United States Department of the Treasury who require lenders to adjust and edit accounts of consumers in situations in which finance charges or the APR for a loan were disclosed inaccurately.
Office of the Comptroller of the Currency (OCC)
The customer is calling to dispute about not getting her refund as promised by the merchant for an item that was missing from her order. What type of Dispute will this fall into?
Credit not Processed
A lender must disclose these information to a cardholder before opening a new credit card account.
rates and fees
How does it applies to credit card consumers/users?
Credit card consumers are protected by the law making sure that
consumers knows or view all the details before entering to a lending agreement.
How many days does creditor have to mail a written acknowledgment upon receipt of dispute?
30 DAYS
The customer would like to file a dispute for a giftcard that was not sent thru her email, What type of dispute will this fall into?
Non-receipt of merchandise or services
These are fees that lenders will charge their cardholders when they are late with their payment
penalty or late payment fees
Agency of the United States government that is responsible for making sure national banks adhere to Regulation Z.
Consumer Financial Protection Bureau (CFPB)