Capital One Assessment Test Standards and Regulations 4

Question 1

Under the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, a credit card issuer must provide how many days advance notice before increasing an interest rate?

Accepted Answer

45 days

Answer

The CARD Act requires card issuers to provide at least 45 days' advance notice before increasing interest rates or making other significant changes.

Question 2

Capital One's compliance with the Americans with Disabilities Act (ADA) as applied to its digital products and ATMs primarily requires:

Accepted Answer

Ensuring accessible design so individuals with disabilities can access financial services equally

Answer

The ADA requires financial institutions to provide equal access to services, including accessible ATMs, websites, and mobile apps for customers with disabilities.

Question 3

Which regulation requires mortgage lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?

Accepted Answer

TILA-RESPA Integrated Disclosure (TRID) / Regulation Z

Answer

TRID (the TILA-RESPA Integrated Disclosure rule) requires lenders to issue a Loan Estimate within 3 business days of receiving a complete loan application.

Question 4

The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and report data on mortgage applications primarily to:

Accepted Answer

Identify potential discriminatory lending patterns and assess whether institutions are serving community needs

Answer

HMDA data is used by regulators and the public to identify discriminatory lending patterns and evaluate whether lenders are meeting community credit needs.

Question 5

Under the Electronic Fund Transfer Act (EFTA) and Regulation E, which transaction type is NOT covered?

Accepted Answer

Wire transfers between bank accounts

Answer

Wire transfers are governed by Article 4A of the UCC and Regulation J, not Regulation E, which covers consumer electronic fund transfers.

Capital One Assessment Test Practice Test

Capital One Assessment Test Practice Test

Capital One Assessment Test Standards and Regulations 4