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MLO training > Other Federal Laws And Guidelines > Flashcards

Other Federal Laws And Guidelines Flashcards

1
Q

What does HMDA stand for?

A

Home Mortgage Disclosure Act

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2
Q

What regulation does HMDA fall under?

A

C

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3
Q

Who issues Regulation C?

A

CFPB

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4
Q

Purpose of HMDA

A

Requires many financial institutions to maintain, report and publicly disclose info about mortgages

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5
Q

When was HMDA enacted?

A

1975

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6
Q

What do FCRA and FACTA stand for?

A

Fair Credit Reporting Act and Fair and Accurate Credit Transactions Act

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7
Q

What types of loans are not covered under HMDA?

A
  1. Unsecured home improvement loans
  2. Loans on unimproved land
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8
Q

What does FCRA do?

A

Promotes the accuracy, fairness and privacy of info in the files of consumer reporting agencies

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9
Q

Consumer rights under FCRA

A
  1. Must be told if info in your file was used to deny your application
  2. The right to obtain info in your report if denied
  3. The right to ask for your credit score
  4. Able to dispute incomplete or inaccurate info
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10
Q

When was FCRA enacted?

A

1970

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11
Q

When was FACTA enacted?

A

2003

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12
Q

Purpose of FACTA

A

Help prevent identity theft and credit-related fraud. Consumers are allowed one copy of their credit report per year.

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13
Q

Federal Trade Commission Red Flags Rule

A

Requires many businesses and organizations to implement a written Identity Theft Prevention Program designed to detect the warning signs of identity theft

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14
Q

Red Flags Rule identity theft program criteria

A
  1. Must include reasonable policies and procedures to identify the red flags of identity theft
  2. Must be designed to detect the red flags you’ve identified
  3. Must spell out appropriate actions you’ll take when you detect red flags
  4. Must detail how you’ll keep it current to reflect new threats
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15
Q

Examples of Red Flags

A
  • alerts, notifications and warnings from a credit reporting company
    1. A fraud or active duty alert on a credit report
    2. A notice of a credit freeze in response to a request for a credit report
    3. A notice or address discrepancy provided by a credit reporting company
    4. A credit report indicating a pattern inconsistent with the person’s credit history (i.e. an increase in the volume of inquiries or the use of credit, especially on new accounts, an unusual number is recently established credit relationships, or an account that was closed bc of an abuse of account privileges)
  • suspicious documents
    1. ID looks forged or altered
    2. The person presenting the ID doesn’t look like the photo or match the physical description
    3. Info on the ID differs from what the person is telling you or doesn’t match a signature
    4. An application looks like it’s been altered, forged or torn up and reassembled

-personal identifying info
1. Inconsistencies with what you know
2. Inconsistencies in the info a customer has submitted to you
3. An address, number or other personal info already used on an account you know to be fraudulent
4. A bogus address, an address for a Mail Drop or prison, an invalid number, or one that’s associated with a pager or answering service
5. A SSN used by someone else
6. An address or number used by several people opening accounts
7. A person who omits required info and doesn’t respond to notices that the application is incomplete
8. A person who can’t provide authenticating info beyond what’s generally available from a wallet or credit report

-account activity

-notice from other sources (i.e. police)

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16
Q

What does BSA/AML stand for?

A

Bank Security Act/Anti-money Laundering

17
Q

Purpose or the BSA/AML

A

Combat money laundering and the financing of terrorism

18
Q

What year was the BSA/AML enacted?

A

1970

19
Q

What does GLBA stand for?

A

Gramm-Leach-Bliley Act

20
Q

When was GLBA enacted?

A

1999

21
Q

What does GLBA do?

A

Requires financial institutions to explain their info-sharing practices with their customers and safeguard sensitive data

22
Q

BSA/AML Federal Trade Commission Safeguards Rule

A

Required covered companies to develop, implement and maintain an info security program with administrative, technical and physical safeguards designed to protect customer info

23
Q

How often must written privacy policy disclosures be sent to consumers under BSA/AML?

A

Annually, and must contain the right to opt-out and how-to (either in the mail or on their website with customer acknowledgement of receipt)

24
Q

Permissible hours to call possible customers

A

8am-9pm (must check do not call registry at least once a month and delete those numbers from their call lists - managed by the FTC (Federal Trade Commission))

25
Q

Fine for violating the Do Not Call Rules

A

$16,000

26
Q

Mortgage acts and practices - advertising rule

A

-Regulation N
-Aka the MAP Rule
-A regulation issued by CFPB under TILA and RESPA
-Designed to ensure that mortgage advertisers provide truthful and non-deceptive advertisements to consumers

27
Q

E-Sign Act

A

-Electronic Signatures in Global and National Commerce Act
-allows the use of electronic records to satisfy any statute, regulation or rule of law requiring that such information be be in writing

28
Q

USA PATRIOT Act

A

-2001
-Deters and punishes terrorist acts, enhances law enforcement investigatory tools, and more

29
Q

HPA

A

-Homeowners’ Protection Act or PMI (Private Mortgage Insurance) Cancellation Act
-1998
-makes it easier for homeowners to stop paying PMI once they’ve built enough equity in their homes

30
Q

Dodd-Frank Act

A

-Aka Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
-a law designed to make the financial system safer and more transparent after the 2008 crisis
-limits risky behavior by banks, protects consumers from unfair lending, and makes it harder for large financial institutions to fail without consequences
-created the CFPB

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