Consumer Protection Regulations Flashcards

Under Regulation E, a financial institution must resolve an error investigation within how many business days for most transactions?

Answer: 10 business days

Under Regulation E, institutions generally have 10 business days to investigate and resolve EFT error claims.

The Home Equity Loan Consumer Protection Act requires lenders to provide disclosures for HELOCs at least how many days before account opening?

Answer: 3 days

Lenders must provide HELOC disclosures at least 3 business days before account opening so consumers can shop and compare.

Under TILA's right of rescission, a borrower has how many business days to cancel a non-purchase home-secured loan?

Answer: 3 business days

Borrowers have three business days to rescind (cancel) a non-purchase home-secured loan after consummation, delivery of the rescission notice, or delivery of required disclosures.

Regulation DD, which implements the Truth in Savings Act, requires depository institutions to disclose:

Answer: Minimum balance requirements and fees for deposit accounts

Regulation DD requires clear disclosure of interest rates, fees, and terms for deposit accounts so consumers can compare savings products.

The Fair Debt Collection Practices Act (FDCPA) restricts debt collectors from contacting consumers:

Answer: Before 8 a.m. or after 9 p.m. local time

The FDCPA prohibits debt collectors from contacting consumers before 8 a.m. or after 9 p.m. in the consumer's local time zone.

Under the Dodd-Frank Act, the CFPB has supervisory authority over which institutions without regard to asset size?

Answer: Non-bank financial companies offering consumer financial products

The CFPB has supervisory authority over non-bank entities (e.g., payday lenders, mortgage companies) offering consumer financial products regardless of size.