CRCM Consumer Protection Regulations 2

Question 1

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

Accepted Answer

10 business days

Answer

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

Question 2

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

Accepted Answer

3 days

Answer

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

Question 3

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

Accepted Answer

3 business days

Answer

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.

Question 4

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

Accepted Answer

Minimum balance requirements and fees for deposit accounts

Answer

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

Question 5

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

Accepted Answer

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

Answer

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

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Consumer Protection Regulations 2