Regulation for Financing, including Regulation Z

Question 1

The Truth in Lending act is implemented by _

Answer 1

Regulation Z

Question 2

What does the Truth in Lending act require of lenders?

Answer 2

To disclose to buyers the true cost of obtaining credit, so that borrowers can compare the costs of various lenders

Question 3

What does ECOA stand for?

Answer 3

The Equal Credit Opportunity Act

Question 4

What does ECOA prohibit lenders from doing?

Answer 4

From discriminating against applicants on the basic of race, color, religion, national origin, sex, marital status, age, dependency on public assistance

Question 5

When was the Community Reinvestment Act passed?

Answer 5

Passed by Congress in 1977

Question 6

What does the Community Reinvestment Act do?

Answer 6

It prevents redlining and encourages banks and thrifts to help meet the credit needs of all segments of their communities, including low and moderate income neighborhoods

Question 7

What does The Home Mortgage Disclosure Act require of lenders?

Answer 7

They report stats info each year to ensure that lenders are not restricting loans to certain individuals or neighborhoods to exclude them from obtaining a mortgage i.e. redlining