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Compliance and Regulatory Standards Flashcards

7 cards from real CAC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Compliance and Regulatory Standards flashcards as text

  1. Under the Telephone Consumer Protection Act, autodialed or prerecorded calls to a consumer's cell phone generally require what?

    Answer: Prior express consent

    The TCPA requires prior express consent for autodialed or prerecorded calls to wireless numbers, except in emergencies.

  2. Under the E-SIGN Act, before giving required disclosures electronically, a company must generally do which of these?

    Answer: Get the consumer's affirmative consent after providing certain disclosures

    E-SIGN requires consumer consent, plus disclosures about the right to paper copies and hardware/software requirements.

  3. Under the FDCPA, if a consumer disputes a debt in writing within the validation period, the collector must do what?

    Answer: Stop collection until it mails verification of the debt

    Collection must pause until the collector gets verification and mails it to the consumer.

  4. Which practice could create disparate impact risk under ECOA even without any intent to discriminate?

    Answer: Discretionary dealer markup that leads to different pricing across protected classes

    Regulators have treated discretionary markup policies that produce disparities on a prohibited basis as potential ECOA violations.

  5. Under FCRA, a furnisher that learns information it reported to a credit bureau is inaccurate must do what?

    Answer: Promptly notify the bureau and provide corrections

    FCRA § 623 requires furnishers to promptly correct and update information they determine is incomplete or inaccurate.

  6. Under the Bank Secrecy Act, a nonbank business that receives more than $10,000 in cash in one transaction or related transactions must file which form?

    Answer: IRS/FinCEN Form 8300

    Form 8300 reports cash payments over $10,000 received in a trade or business, including vehicle sales and financing.

  7. Which statement about state law and federal consumer finance regulation is generally correct?

    Answer: States may enforce stricter consumer protections unless federal law preempts them

    Many federal consumer statutes set a floor, so stricter state laws on licensing, rate caps, and repossession notices still apply.