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Year End Awareness Training & Best Practices Flashcards | StudBud
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Year End Awareness Training & Best Practices
Year End Awareness Training & Best Practices
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Questions
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Answers
1
BHG Financial uses complaint data as an early indicator or warning sign to identify potential Sales Practice Risk Events
True
False
2
What is another term for manipulative design practices in advertising?
Reindeer Games
Money Makers
Dark Patterns
White Elephants
3
The Equal Credit Opportunity Act (ECOA) prohibits discrimination based on:
Marital Status
Sex
Race or Color
National Origin
Religion
Age
4
Reg V applies to Credit Reporting Agencies
False
True
5
Which of the following is NOT a rule debt collectors must follow if they contact you through social media?
They must Identify themselves as a debt collector
They must keep the messages private
They must send you a friend request
They must provide a way for you to opt out of their communications
6
The boxes at the top of the Truth in Lending Disclosures are called:
Yellen Boxes
Schumer Boxes
Harris Boxes
Pelosi Boxes
7
A creditor may not inquire about the number & ages of an applicant's dependents or their related financial obligations
False
True
8
Regulation Z "triggering terms" are the same for open- and closed-end consumer credit advertisements
True
False
9
Which is not considered a prepaid finance charge?
Origination Fee
Wire Fee
Interest
Per Diem Interest
10
ECOA / Reg B prohibit advertisements from discouraging people from pursuing credit based on which of the following?
Marital Status
Race
Credit Score
Religion
11
Which of the following design practices constitute “dark patterns”?
Bait and Switch
Hidden Costs
Trick Questions
All of the above
12
Who must abide by the issues management process described in the BHG Enterprise-Wide Compliance Program?
All Personnel
Sales
Funding
Closing
13
By their nature, advertisements present an increased risk of which element of UDA(A)P?
All of the above
Deception
Unfairness
Abusiveness
14
What information is included in a validation notice?
Name and mailing information of the debt collector
All of the above
The current amount of the debt as of when the validation notice is provided
Account number (if any) associated with the debt
15
Sales Practice Risk may be present at any point in the Customer Life Cycle
True
False
16
In accordance with CAN-SPAM, advertising emails must do which of the following?
Identify the message as an advertisement
All of the above
Tell the recipient how to opt-out of future emails
Tell the recipient where the sender is located
17
Gerry was denied credit. How much time does he have to ask the reason why and receive an answer?
The creditor does not have to provide an answer
7 days
60 days
30 days
18
A creditor’s failure to comply is not a violation if it results from an inadvertent error
False
True
19
Under the FCRA what are examples of data furnishing?
A company's marketing department conducts a survey of consumer preferences
A newspaper publishes foreclosure notices
A neighbor files a police report on a neighbor's friend of the consumer
A bank reports past due payments to a credit reporting agency
20
You do not need to obtain written permission from the applicant or employee before you get a consumer report
False
True
21
Statutes, rules regulations and expectations regarding safe sales practices are set forth by:
OCC “Office of the Comptroller of the Currency (OCC)”
FDIC “Federal Deposit Insurance Corporation”
FRB “Federal Reserve Board”
CFPB “Consumer Financial Protection Bureau”
All of the above
22
Limited-content messages must include:
All of the Above
A business name that does not indicate the caller is a debt collector
Telephone number(s) you can use to return the call
A request that you reply and the name(s) of who you can contact to reply
23
Prescreened offers of credit (aka "firm offers of credit”), must include which of the following under Regulation V?
Neither a short notice nor a long notice
A short notice only
Both, a short notice and a long notice
A long notice only
24
BHG needs to provide a Truth in Lending Disclosure for which product?
Consumer Loan
SBA Loan
AF Loan
Core Loan
25
Which of the following is the general principle behind the Truth in Lending Act?
Stop borrowers from making fraudulent income statements to get a mortgage
Disclose to borrowers the true cost of borrowing money
Decrease the total costs of borrowing money
Reduce the paperwork burden for real estate professionals
26
Which of the following are ways companies can stay compliant under FDCPA?
Regular reviews and audits
Training call center / collection staff
Have strong, specific FDCPA policy/procedures
All of the above
27
Sales Practice Risk Events can occur as a result of Deceptive or misleading sales tactics
True
False
28
Which of the following would not trigger FCRA disclosure requirements:
A bank uses a consumer report for prescreen solicitations
A bank denies a customer credit based on the value of the property
A bank increases the cost of credit based on a credit report
A bank denies a loan application based on information on a credit report
29
Dark patterns can undermine a customer’s intentions and cost them time and money they never meant to spend
True
False
30
The primary Legal Requirements that apply to Sales Practice Risk are (choose all that apply):
Unfair, Deceptive, or Abusive Acts or Practices (“UDAAP”)
All of the above
Unfair or Deceptive Acts or Practices (“UDAP”)
Truth in Lending Act (TILA)
31
Which of the following would not be a permissible purpose for obtaining a consumer report?
Pricing loan applicants
A bank conducting credit card account reviews
Obtaining it for an application of credit
To ensure your ex is not misusing your credit card
32
Collectors are presumed to violate the law if they place a phone call to you about a particular debt:
Within 7 consecutive days after a phone conversation with you about a debt
More than 7 times within a seven consecutive day period
None of the Above
33
Which two pieces of information must lenders disclose to borrowers under the Truth in Lending Act?
Annual Percentage Rate and if the loan is a conforming loan
Annual Percentage Rate and total payments
If the loan is a conforming loan & whether or not a rate lock is in effect
Total payments and any lender credits offered
34
ECOA prohibits discrimination in any aspect of a credit transaction including any extension of credit
True
False
35
What is the term for the dark pattern of making it easy to obtain a subscription but hard to cancel?
Dog House
Business as Usual
Mouse Trap
Roach Motel
36
Who coined the term “dark patterns” in 2010 and maintains examples in a “hall of shame”?
Eric Castro
Harry Brignull
Al Crawford
Matt Ondus
