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CHFC HS 300 > Module 10 (Legal And Economic Environment) > Flashcards

Module 10 (Legal And Economic Environment) Flashcards

1
Q 
Enhances public confidence
Gives open access to markets
Establishes industry practices
Create opportunity for innovation
Imposes barriers to entry
Protect clients from institution failure
Help the government manage monetary policy
What are all of these services?
A

Accomplishment of financial services industry and customer protection regulation

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2
Q

The ________ provides deposit insurance that is backed by the US government.

A

FDIC

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3
Q

The NCUSIF provides deposit insurance for __________________ that are backed by the US government.

A

credit union accounts

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4
Q

The SIPC protect investors from losses due failure of a…

A

securities firm

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5
Q

True or false? The SIPC protects against investment losses that are not back by the US government.

A

True

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6
Q

The PBGC protects ______________ that are not backed by the US government.

A

defined benefit plans

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7
Q

The a law that gives protection from liars and behavior fraud when selling new securities by requiring the security to be supported with documentation.

A

Securities Act of 1933

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8
Q

This act is created the SEC and allowed them power to regulate security firms, SROs, and requires reporting information by publicly traded companies.

A

Securities Exchange Act of 1934

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9
Q

This act formed the FDIC and separated bank according to the type of services they provide.

A

The Glass-Steagall Banking Act of 1933

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10
Q

This Act allowed banks and insurance companies to now compete in both investment banking and insurance products.

A

Gramm-Leach Bliley Act of 1999

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11
Q

This Act applies to bonds and requires a contract agreement between the bond issuer and bondholder before the bond can be sold.

A

Trust Indenture Act of 1939

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12
Q

This Act requires companies to fully disclose their financial status to investors.

A

Investment Company Act of 1940

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13
Q

This Act requires SEC registration for those providing security advice.

A

Investment Advisors act of 1940

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14
Q

This Act imposes minimum funding standards for retirement pension plans and created the Pension Benefit Guarantee Corporation.

A

ERISA 1974

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15
Q

As a direct response to Enron, the Act increased financial disclosure to prevent future fraudulent acts by corporate accounting boards.

A

Sarbanes-Oxley Act of 2002

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16
Q

This Act return the power of insurance regulation back to the states.

A

McCarran-Ferguson Act of 1945

17
Q

Most customer protection legislation is overseen by the…

A

Federal Trade Commission.

18
Q

The _________________ provides a toll-free hotline for a victim of identity theft.

A

Federal Trade Commission

19
Q

Federal laws generally prohibit discrimination in…

A

lending.

20
Q

Federal laws generally require disclosure to borrowers and…

A

lenders.

21
Q

Federal laws generally require acceptable ____________ procedures.

A

collection

22
Q

This Act allows public assistance income to be included as their “normal” income, prohibits discrimination based on race and sex, and any denial of credit must be explained.

A

Equal Credit Opportunity Act

23
Q

This Act allow people to receive a credit report, remove incorrect information from the report, know who requested the report, file a dispute, and add explanations to the report.

A

Fair Credit Reporting Act

24
Q

This Act requires creditors to provide disclosure regarding amount financed, APR, payment schedule, penalties, and other fees of a lending agreement.

A

Truth-in-Lending Act

25
Q

This Act allows customers to receive an annual free copy of their credit report from any customer-reporting agency.

A

Fair and Accurate Credit Transactions Act of 2003

26
Q

This Act establishes dispute procedures for credit cards where debtors are responsible for $50 at the most.

A

Fair Credit Billing Act

27
Q

This Act limits customer liability for a unauthorized use a debit card.

A

Electronic Fund Transfer Act

28
Q

This Act prohibits the harassment and threats by creditors.

A

Fair Debt Collection Practices Act

29
Q

This Act made identity theft a crime.

A

Identify Theft and Assumption Deterrence Act

30
Q

This Act made a change from nonnegotiated to negotiated.

A

May Day 1975

31
Q

This Act was as a response to the financial crisis of 2008.

A

Dodd-Frank Act

32
Q

This Acts insures there is always a liquid market for consumers to spend in ways that will stimulate the economy.

A

Consumer protection act

CHFC HS 300 (15 decks)

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