FCRA FEDERAL LAWS EXAM QUESTIONS
AND 100% VERIFIED ANSWERS
What does ECOA stand for?
Equal Credit Opportunity Act (Regulation B)
What regulates ECOA?
Consumer Financial Protection Bureau (CFPB)
What does ECOA do?
prohibits discrimination by lenders in any part of credit transaction on the basis of: race, color,
religion, national origin, sex, marital status, age, public assistance or excessed any rights under
the Consumer Credit Protection Act
What regulation requires the borrower is entitled to a copy of the appraisal? And how
many days?
ECOA - 3 business days before closing
Upon receipt of an application the lenders have to provide a borrower a right to receive a
copy of ____________ in how many days?
appraisal; 3 days
Is it required to maintain separate credit files for married spouses (if requested)?
Yes, per ECOA
ECOA prohibits inquiry about.....
martial status or intentions related to having raising children
How can you ask if someone is single, widowed or married?
married, unmarried or separated
What is the proper way to ask how many child do you have?
How many dependents do you have?
, 1003 application must specific the race, ethnicity and sex when the loan application is taken
face-to-face, what law?
ECOA
What law requires the adverse action be in writing?
ECOA
How many days must a creditor respond to an application? What law mandates this?
30 days after recipes of an application; ECOA
ECOA states the creditor must notify the application of action take on an application
within how many days after notifying the application of a counteroffer if the application
does not expressly accept the offer?
90 days
Applicant can request a statement of reasons within how many days? Mandated by?
60 days; ECOA
ECOA prevents creditors from discriminate against borrowers ____ but now against the
____.
income; source
If an application for credit is DENIED based on __________ under _______ says borrower
has _______ days to request a copy & the lender has _______ days to deliver.
appraisal; ECOA; 90 days; 30 days
overt discrimination
Knowingly and willingly denying diverse individuals access to opportunities and outcomes in an
organization
Disparate Treatment
AND 100% VERIFIED ANSWERS
What does ECOA stand for?
Equal Credit Opportunity Act (Regulation B)
What regulates ECOA?
Consumer Financial Protection Bureau (CFPB)
What does ECOA do?
prohibits discrimination by lenders in any part of credit transaction on the basis of: race, color,
religion, national origin, sex, marital status, age, public assistance or excessed any rights under
the Consumer Credit Protection Act
What regulation requires the borrower is entitled to a copy of the appraisal? And how
many days?
ECOA - 3 business days before closing
Upon receipt of an application the lenders have to provide a borrower a right to receive a
copy of ____________ in how many days?
appraisal; 3 days
Is it required to maintain separate credit files for married spouses (if requested)?
Yes, per ECOA
ECOA prohibits inquiry about.....
martial status or intentions related to having raising children
How can you ask if someone is single, widowed or married?
married, unmarried or separated
What is the proper way to ask how many child do you have?
How many dependents do you have?
, 1003 application must specific the race, ethnicity and sex when the loan application is taken
face-to-face, what law?
ECOA
What law requires the adverse action be in writing?
ECOA
How many days must a creditor respond to an application? What law mandates this?
30 days after recipes of an application; ECOA
ECOA states the creditor must notify the application of action take on an application
within how many days after notifying the application of a counteroffer if the application
does not expressly accept the offer?
90 days
Applicant can request a statement of reasons within how many days? Mandated by?
60 days; ECOA
ECOA prevents creditors from discriminate against borrowers ____ but now against the
____.
income; source
If an application for credit is DENIED based on __________ under _______ says borrower
has _______ days to request a copy & the lender has _______ days to deliver.
appraisal; ECOA; 90 days; 30 days
overt discrimination
Knowingly and willingly denying diverse individuals access to opportunities and outcomes in an
organization
Disparate Treatment
