NAB Banking Regulations and Consumer Protection

Question 1

What is the Truth in Lending Act (TILA)?

Accepted Answer

A federal law requiring lenders to disclose credit terms clearly to consumers before they commit

Answer

A law about telling the truth in court

Answer

A banking secrecy law

Answer

A law about savings accounts only

Question 2

What rights does the Fair Credit Reporting Act give consumers?

Accepted Answer

The right to access their credit reports, dispute errors, and know when reports are used against them

Answer

No rights regarding credit reports

Answer

Only the right to view reports once

Answer

Only the right to dispute after paying a fee

Question 3

What is Regulation E in banking?

Accepted Answer

Federal rules protecting consumers in electronic fund transfers including ATM, debit card, and online transactions

Answer

A rule about email communications

Answer

A regulation about employee banking

Answer

A law about international transfers only

Question 4

What is the Bank Secrecy Act?

Accepted Answer

A law requiring banks to help detect and prevent money laundering by reporting certain transactions

Answer

A law about keeping customer information secret

Answer

A rule about bank vault security

Answer

A regulation about safety deposit boxes

Question 5

What protection does the Equal Credit Opportunity Act provide?

Accepted Answer

It prohibits credit discrimination based on race, religion, national origin, sex, marital status, or age

Answer

It guarantees everyone gets credit

Answer

It sets maximum interest rates

Answer

It only applies to mortgage lending

Question 6

What is a Suspicious Activity Report (SAR)?

Accepted Answer

A report banks must file when they detect potentially illegal activity in customer accounts

Answer

A customer complaint form

Answer

A credit report from a bureau

Answer

A type of bank statement