CFPB MCT set
10. A consumer becomes delinquent on January 25, 20xX, brings the account current in
May 20xx, but then stops making payment after the September payment. The credit
card lender charges off the account in December 20XX. Within 90 days, the credit card
lender must report to the credit bureau which month and year as the commencement of
the delinquency:
A. January 20xx
B. September 20XX
C. October 20XX
D. December 20xX correct answers C. October 20XX
8. In assigning a consumer compliance rating, what factors must be evaluated and
weighed?
a. Nature and extent of compliance with Federal consumer financial law, the
commitment of management to compliance and its ability and willingness to assure
compliance, and the adequacy of the systems
b. Capital, Assets, Management, Earnings, Liquidity, Sensitivity to Market Risk
c. Nature and extent of compliance with Federal consumer financial law, the
commitment of management to compliance and its ability and willingness to assure
compliance, and volume of impacted consumers
d. Significance of the lending, qualified investments, and lending-related services
correct answers a. Nature and extent of compliance with Federal consumer financial
law, the commitment of management to compliance and its ability and willingness to
assure compliance, and the adequacy of the systems
20. For closed-end credit secured by a dwelling, finance charge overstatements are not
violations
a. True
b. False correct answers a. True
8. In order for a creditor to qualify for this type of protection, the QM must be higher-
priced. In addition, if a court finds that a mortgage is a higher-priced QM, a consumer
can argue that the creditor violated the ATR rule. Which of the following do these
characteristics best describe?
A. Safe Harbor
B. Rebuttable Harbor
C. Rebuttable Presumption
D. Safe Presumptiorn correct answers C. Rebuttable Presumption
9. Which statement is correct?
A. TILA bans telephone solicitation of credit cards
B. ECOA does not cover business credit cards
C. The TCPA & Telemarketing Sales Rule prohibit telemarketing of credit cards
,D. All of the above
E. None of the above correct answers E. None of the above
12. Which of the following is not correct?
A. A credit card lender must provide a firm offer of credit to each consumer on a
prescreen list
B. Prescreening is a procedure permitted under FCRA so long as the credit card lender
follows certain rules
C. Prescreening is a procedure where a credit bureau pulls credit reports on specific
consumers and provides the reports to a credit card lender
D. All of the above correct answers C. Prescreening is a procedure where a credit
bureau pulls credit reports on specific consumers and provides the reports to a credit
card lender
1. Truth in Savings Act does not:
a. Regulate how interest is paid on accounts
b. Prohibit unlawful discrimination
c. Set forth advertising requirements for deposit accounts
d. Allow consumers to more effectively compare deposit
accounts at different financial institutions by requiring uniform disclosure. correct
answers b. Prohibit unlawful discrimination
21. Which of the following is an example of a finance charge?
a. Application fees charged to all applicants
b. Late fees
c. Sellers points
d. Mortgage broker fees correct answers d. Mortgage broker fees
5. Which consumer law contains prohibitions against giving or accepting kickbacks for
the referral of settlement service business and a split or portion of unearned fees?
a. RESPA
b. ECOA
c. TILA
d. HPA correct answers a. RESPA
1. Under federal law, a credit card lender can charge any rates and terms to a customer
located in another state than where the card issuer is located
a. If the Credit Card lender is a federally insured depository institution located in a state
that does not have any limits on the rates or terms
b. Only if the Credit Card lender is a national bank, as confirmed in 1978 by the US
Supreme Court
c. Only if the customer's state has no limits on rates and terms
d. B and C
e. None of the above correct answers a. If the Credit Card lender is a federally insured
depository institution located in a state that does not have any limits on the rates or
terms
, Credit Card
1. For consumer (i.e., non-business) credit card applications, the adverse action notice,
along with all supporting documentation must be retained for:
A. 12 months
B. 36 months
C. 24 months
D. None of the above correct answers D. None of the above (25 months for consumers
12 minths for business, for a "dec???")
Remittance
16. In which of the following languages must written disclosures be disclosed?
a. English
b. French
c. Spanish
d. Tagalog correct answers a. English
9. What is the maximum monthly DTI ratio for a General QM?
A. 50 %
B. 53 %
C. 40%
D. 43 % correct answers D. 43 %
33. When advertising an APY, what is NOT required in the ad?
a) The minimum balance requirement to obtain the APY
b) Time period the APY is offered
c) A statement that fees may reduce earnings
d) Interest rate correct answers d) Interest rate
TISA
7. Anytown financial is advertising 1.50% on a 12 month CD. Which additional
disclosures complete its advertisement?
a. 1.6% interest rate is available on a 12 month CD with a $1000 minimum balance.
Fees may reduce earnings.
b. 1.50% annual percentage yield ( APY ) is available on a 12 - month CD with a $
1000.00 minimum balance. This rate is accurate as of 12/01/XX. Fees may reduce
earnings. A penalty for early withdrawal may be imposed.
c. 1.50% APY is available on a 12 month CD with a $ 1000 minimum balance . This rate
is accurate as of 12/01/XX. Fees may reduce earnings. A penalty for early withdrawal
may be imposed.
d. 1.50% annual percentage yield ( APY ) is available on a 12 month CD with a
minimum balance. This rate is accurate as of 12/01/XX. A penalty for early withdrawal
may be imposed correct answers b. 1.50% annual percentage yield ( APY ) is available
10. A consumer becomes delinquent on January 25, 20xX, brings the account current in
May 20xx, but then stops making payment after the September payment. The credit
card lender charges off the account in December 20XX. Within 90 days, the credit card
lender must report to the credit bureau which month and year as the commencement of
the delinquency:
A. January 20xx
B. September 20XX
C. October 20XX
D. December 20xX correct answers C. October 20XX
8. In assigning a consumer compliance rating, what factors must be evaluated and
weighed?
a. Nature and extent of compliance with Federal consumer financial law, the
commitment of management to compliance and its ability and willingness to assure
compliance, and the adequacy of the systems
b. Capital, Assets, Management, Earnings, Liquidity, Sensitivity to Market Risk
c. Nature and extent of compliance with Federal consumer financial law, the
commitment of management to compliance and its ability and willingness to assure
compliance, and volume of impacted consumers
d. Significance of the lending, qualified investments, and lending-related services
correct answers a. Nature and extent of compliance with Federal consumer financial
law, the commitment of management to compliance and its ability and willingness to
assure compliance, and the adequacy of the systems
20. For closed-end credit secured by a dwelling, finance charge overstatements are not
violations
a. True
b. False correct answers a. True
8. In order for a creditor to qualify for this type of protection, the QM must be higher-
priced. In addition, if a court finds that a mortgage is a higher-priced QM, a consumer
can argue that the creditor violated the ATR rule. Which of the following do these
characteristics best describe?
A. Safe Harbor
B. Rebuttable Harbor
C. Rebuttable Presumption
D. Safe Presumptiorn correct answers C. Rebuttable Presumption
9. Which statement is correct?
A. TILA bans telephone solicitation of credit cards
B. ECOA does not cover business credit cards
C. The TCPA & Telemarketing Sales Rule prohibit telemarketing of credit cards
,D. All of the above
E. None of the above correct answers E. None of the above
12. Which of the following is not correct?
A. A credit card lender must provide a firm offer of credit to each consumer on a
prescreen list
B. Prescreening is a procedure permitted under FCRA so long as the credit card lender
follows certain rules
C. Prescreening is a procedure where a credit bureau pulls credit reports on specific
consumers and provides the reports to a credit card lender
D. All of the above correct answers C. Prescreening is a procedure where a credit
bureau pulls credit reports on specific consumers and provides the reports to a credit
card lender
1. Truth in Savings Act does not:
a. Regulate how interest is paid on accounts
b. Prohibit unlawful discrimination
c. Set forth advertising requirements for deposit accounts
d. Allow consumers to more effectively compare deposit
accounts at different financial institutions by requiring uniform disclosure. correct
answers b. Prohibit unlawful discrimination
21. Which of the following is an example of a finance charge?
a. Application fees charged to all applicants
b. Late fees
c. Sellers points
d. Mortgage broker fees correct answers d. Mortgage broker fees
5. Which consumer law contains prohibitions against giving or accepting kickbacks for
the referral of settlement service business and a split or portion of unearned fees?
a. RESPA
b. ECOA
c. TILA
d. HPA correct answers a. RESPA
1. Under federal law, a credit card lender can charge any rates and terms to a customer
located in another state than where the card issuer is located
a. If the Credit Card lender is a federally insured depository institution located in a state
that does not have any limits on the rates or terms
b. Only if the Credit Card lender is a national bank, as confirmed in 1978 by the US
Supreme Court
c. Only if the customer's state has no limits on rates and terms
d. B and C
e. None of the above correct answers a. If the Credit Card lender is a federally insured
depository institution located in a state that does not have any limits on the rates or
terms
, Credit Card
1. For consumer (i.e., non-business) credit card applications, the adverse action notice,
along with all supporting documentation must be retained for:
A. 12 months
B. 36 months
C. 24 months
D. None of the above correct answers D. None of the above (25 months for consumers
12 minths for business, for a "dec???")
Remittance
16. In which of the following languages must written disclosures be disclosed?
a. English
b. French
c. Spanish
d. Tagalog correct answers a. English
9. What is the maximum monthly DTI ratio for a General QM?
A. 50 %
B. 53 %
C. 40%
D. 43 % correct answers D. 43 %
33. When advertising an APY, what is NOT required in the ad?
a) The minimum balance requirement to obtain the APY
b) Time period the APY is offered
c) A statement that fees may reduce earnings
d) Interest rate correct answers d) Interest rate
TISA
7. Anytown financial is advertising 1.50% on a 12 month CD. Which additional
disclosures complete its advertisement?
a. 1.6% interest rate is available on a 12 month CD with a $1000 minimum balance.
Fees may reduce earnings.
b. 1.50% annual percentage yield ( APY ) is available on a 12 - month CD with a $
1000.00 minimum balance. This rate is accurate as of 12/01/XX. Fees may reduce
earnings. A penalty for early withdrawal may be imposed.
c. 1.50% APY is available on a 12 month CD with a $ 1000 minimum balance . This rate
is accurate as of 12/01/XX. Fees may reduce earnings. A penalty for early withdrawal
may be imposed.
d. 1.50% annual percentage yield ( APY ) is available on a 12 month CD with a
minimum balance. This rate is accurate as of 12/01/XX. A penalty for early withdrawal
may be imposed correct answers b. 1.50% annual percentage yield ( APY ) is available
