CRCM Consumer Protection Regulations 3

Question 1

Which regulation implements the Home Mortgage Disclosure Act (HMDA)?

Accepted Answer

Regulation C

Answer

Regulation C is the CFPB's implementing regulation for the Home Mortgage Disclosure Act.

Question 2

Under the CARD Act (Credit CARD Act of 2009), credit card issuers must provide how much advance notice before increasing an interest rate?

Accepted Answer

45 days

Answer

The CARD Act requires 45 days advance notice before a credit card issuer can increase an interest rate or make other significant changes.

Question 3

The Telephone Consumer Protection Act (TCPA) requires businesses to obtain prior express written consent before:

Accepted Answer

Sending marketing text messages or robocalls to a consumer's cell phone

Answer

The TCPA requires prior express written consent before sending marketing text messages or making robocalls to consumers' cell phones.

Question 4

Under the Gramm-Leach-Bliley Act (GLBA), financial institutions must provide customers with a privacy notice:

Accepted Answer

At account opening and annually thereafter

Answer

GLBA requires institutions to provide privacy notices at account opening and annually, informing customers of information sharing practices.

Question 5

What is the primary purpose of the CAN-SPAM Act as it applies to financial institution marketing emails?

Accepted Answer

It sets standards for commercial email, including opt-out requirements

Answer

CAN-SPAM establishes requirements for commercial email, including clear identification, honest subject lines, and a functional opt-out mechanism.

CRCM - Certified Regulatory Compliance Manager Practice Test