CFPB MCT 2
7. The EIC contacts the supervised entity's management approximately ___ days prior
to the scheduled onsite date for the exam to arrange a discussion of the Information
Request.
a. 30
b. 60
c. 90
d. 120 correct answers B. 60 days
Remittance
18. Which of the following must a combined disclosure contain?
a. The same contents as the pre-payment disclosure, plus proof of payment
b. The same contents as the receipt, plus proof of payment
c. The receipt only
d. The proof of payment only correct answers B. The same contents as the receipt,
plus proof of payment
22. On a money market account, checks by a customer to a third party are limited to ten
per month.
a. True
b. False correct answers B. False - limited to six covered transactions
12. If a customer has an MMDA or savings account, which of the following is acceptable
transaction activity for one statement period?
a. Two checks to third parties three preauthorized transfers and two automatic transfers
b. Six preauthorized transfers and two checks to third parties
c. Three checks and three drafts to third parties and a POS debit card transaction
d. Two checks to third parties a POS debit card transaction and three preauthorized
transfers correct answers d. Two checks to third parties a POS debit card transaction
and three preauthorized transfers
9. Which component of UDAAP contains the following elements: An act or practice that
is likely to mislead, the consumers interpretation of it is reasonable; and material
information is misleading
a. Unfair
b. Deceptive
c. Abusive
d. Adverse correct answers b. Deceptive
7. In order to avoid UDAAP concerns during the collection process
a. Avoid responding to all consumer calls
, b. Do not clearly indicate to consumers the purpose of the call when collecting a debt
c. Do not disclose the existence of a consumer's debt to the public without the
consumer's consent
d. Ensure telephone calls are made in a manner that annoys or harasses any person at
the number called correct answers c. Do not disclose the existence of a consumer's
debt to the public without the consumer's consent
5. Which of the following is a best practice that can help you avoid UDAAPs?
a. Allow telemarketers to create their own scripts and compensation programs
b. Avoid reviewing promotional and advertising materials
c. Monitor, track, and analyze all customer complaints
d. Ensure UDAAP training is optional for employees correct answers c. Monitor, track,
and analyze all customer complaints
4. In order to avoid UDAAP concerns during the loan origination process, you should:
a. Include practices that are inconsistent with stated policies, procedures, or account
disclosures
b. Ensure that consumers receive the specific product that they have requested
c. Encourage consumers to choose products that have a high rate of re-pricing
d. Steer consumers into products that depend on penalty or back-end fees correct
answers b. Ensure that consumers receive the specific product that they have
requested
3. In order to avoid UDAAP concerns, consumer disclosures should
a. Omit the conditions for canceling the services
b. Contain hidden requirements to purchase additional products or services
c. Include all costs and benefits being offered
d. Contain hidden charges and penalties correct answers c. Include all costs and
benefits being offered
2. In order to avoid UDAAP concerns during the servicing process
a. Encourage compensation arrangements that create UDAAPs
b. Avoid listening to consumers' issues
c. Impose penalties on a customer when he or she terminates the relationship
d. Respond to consumers' request in a timely manner correct answers d. Respond to
consumers' request in a timely manner
4. The minimum penalty for early withdrawal on a certificate of deposit account is the
equivalent of fourteen days' interest at the effective rate on the account.
a. True
b. False correct answers b. False
36. When must initial disclosures be provided?
a. Within one business day after contracting for an EFT service
b. Within two business days after opening a new account
c. Before the first EFT is made
7. The EIC contacts the supervised entity's management approximately ___ days prior
to the scheduled onsite date for the exam to arrange a discussion of the Information
Request.
a. 30
b. 60
c. 90
d. 120 correct answers B. 60 days
Remittance
18. Which of the following must a combined disclosure contain?
a. The same contents as the pre-payment disclosure, plus proof of payment
b. The same contents as the receipt, plus proof of payment
c. The receipt only
d. The proof of payment only correct answers B. The same contents as the receipt,
plus proof of payment
22. On a money market account, checks by a customer to a third party are limited to ten
per month.
a. True
b. False correct answers B. False - limited to six covered transactions
12. If a customer has an MMDA or savings account, which of the following is acceptable
transaction activity for one statement period?
a. Two checks to third parties three preauthorized transfers and two automatic transfers
b. Six preauthorized transfers and two checks to third parties
c. Three checks and three drafts to third parties and a POS debit card transaction
d. Two checks to third parties a POS debit card transaction and three preauthorized
transfers correct answers d. Two checks to third parties a POS debit card transaction
and three preauthorized transfers
9. Which component of UDAAP contains the following elements: An act or practice that
is likely to mislead, the consumers interpretation of it is reasonable; and material
information is misleading
a. Unfair
b. Deceptive
c. Abusive
d. Adverse correct answers b. Deceptive
7. In order to avoid UDAAP concerns during the collection process
a. Avoid responding to all consumer calls
, b. Do not clearly indicate to consumers the purpose of the call when collecting a debt
c. Do not disclose the existence of a consumer's debt to the public without the
consumer's consent
d. Ensure telephone calls are made in a manner that annoys or harasses any person at
the number called correct answers c. Do not disclose the existence of a consumer's
debt to the public without the consumer's consent
5. Which of the following is a best practice that can help you avoid UDAAPs?
a. Allow telemarketers to create their own scripts and compensation programs
b. Avoid reviewing promotional and advertising materials
c. Monitor, track, and analyze all customer complaints
d. Ensure UDAAP training is optional for employees correct answers c. Monitor, track,
and analyze all customer complaints
4. In order to avoid UDAAP concerns during the loan origination process, you should:
a. Include practices that are inconsistent with stated policies, procedures, or account
disclosures
b. Ensure that consumers receive the specific product that they have requested
c. Encourage consumers to choose products that have a high rate of re-pricing
d. Steer consumers into products that depend on penalty or back-end fees correct
answers b. Ensure that consumers receive the specific product that they have
requested
3. In order to avoid UDAAP concerns, consumer disclosures should
a. Omit the conditions for canceling the services
b. Contain hidden requirements to purchase additional products or services
c. Include all costs and benefits being offered
d. Contain hidden charges and penalties correct answers c. Include all costs and
benefits being offered
2. In order to avoid UDAAP concerns during the servicing process
a. Encourage compensation arrangements that create UDAAPs
b. Avoid listening to consumers' issues
c. Impose penalties on a customer when he or she terminates the relationship
d. Respond to consumers' request in a timely manner correct answers d. Respond to
consumers' request in a timely manner
4. The minimum penalty for early withdrawal on a certificate of deposit account is the
equivalent of fourteen days' interest at the effective rate on the account.
a. True
b. False correct answers b. False
36. When must initial disclosures be provided?
a. Within one business day after contracting for an EFT service
b. Within two business days after opening a new account
c. Before the first EFT is made
