Podcast
Questions and Answers
What does Section H of the Consumer Leasing Examination Checklist require a statement about?
What does Section H of the Consumer Leasing Examination Checklist require a statement about?
- Rights of appraisal
- Purchase option
- Liability between residual and realized values
- Responsibility for maintaining or servicing the leased property (correct)
What does the checklist cover in terms of liabilities at the end of the lease term?
What does the checklist cover in terms of liabilities at the end of the lease term?
- Liability based on residual value and excess liability (correct)
- Liability based on credit score
- Liability based on monthly payments
- Liability based on market value
What is mandated for electronic communication as per the checklist?
What is mandated for electronic communication as per the checklist?
- Providing disclosures only
- Obtaining consumer consent only
- Redelivery of undelivered communications only
- Obtaining consumer consent, providing disclosures, and redelivery of undelivered communications (correct)
What are advertisements for leasing programs expected to advertise?
What are advertisements for leasing programs expected to advertise?
What specific disclosures are required for triggering terms used in advertisements?
What specific disclosures are required for triggering terms used in advertisements?
What should merchandise tags using triggering terms refer to?
What should merchandise tags using triggering terms refer to?
Where should television or radio advertisements using triggering terms direct consumers for additional information?
Where should television or radio advertisements using triggering terms direct consumers for additional information?
How long should toll-free numbers be available after broadcast as per the checklist?
How long should toll-free numbers be available after broadcast as per the checklist?
What should be included in written advertisements as per the checklist?
What should be included in written advertisements as per the checklist?
What does the checklist provide detailed guidance on?
What does the checklist provide detailed guidance on?
What does Section V of the Consumer Leasing Examination Checklist cover?
What does Section V of the Consumer Leasing Examination Checklist cover?
What does Section G of the Consumer Leasing Examination Checklist address?
What does Section G of the Consumer Leasing Examination Checklist address?
What is required to be included in Section H of the Consumer Leasing Examination Checklist?
What is required to be included in Section H of the Consumer Leasing Examination Checklist?
What does Section I of the Consumer Leasing Examination Checklist pertain to?
What does Section I of the Consumer Leasing Examination Checklist pertain to?
What does Section J of the Consumer Leasing Examination Checklist reference?
What does Section J of the Consumer Leasing Examination Checklist reference?
What does the checklist cover in terms of liabilities at the end of the lease term?
What does the checklist cover in terms of liabilities at the end of the lease term?
What is mandated for electronic communication as per the checklist?
What is mandated for electronic communication as per the checklist?
What should merchandise tags using triggering terms refer to?
What should merchandise tags using triggering terms refer to?
Where should television or radio advertisements using triggering terms direct consumers for additional information?
Where should television or radio advertisements using triggering terms direct consumers for additional information?
What are advertisements for leasing programs expected to advertise?
What are advertisements for leasing programs expected to advertise?
What does Section H of the Consumer Leasing Examination Checklist require a statement about?
What does Section H of the Consumer Leasing Examination Checklist require a statement about?
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Study Notes
Consumer Leasing Examination Checklist
- The checklist outlines specific requirements and disclosures for consumer leasing, as per §1013.4 of the FDIC Consumer Compliance Examination Manual
- It includes details on liability at the end of the lease term based on residual value and excess liability
- The checklist covers mutually agreeable final adjustments, fees and taxes, insurance disclosure requirements, warranties or guarantees, and penalties for late payments or default
- It also addresses security interests, disclosure of percentage rates, and requirements for disclosures during lease renegotiation or extension
- For electronic communication, the checklist mandates obtaining consumer consent, providing disclosures, and redelivery of undelivered communications
- Advertisements for leasing programs are expected to advertise terms that are usually available, be clear and conspicuous, and comply with page reference requirements for catalog and multiple page ads
- The checklist requires specific disclosures for triggering terms used in advertisements, including lease transaction details, scheduled payments, and liability based on residual value
- Additionally, merchandise tags using triggering terms should refer to additional required disclosures
- Television or radio advertisements using triggering terms should direct consumers to a toll-free number or written advertisement for additional information
- Toll-free numbers should be listed with a reference for obtaining information and should be available for at least ten days after broadcast
- The written advertisement should include the name and date of publication and be available for at least ten days after broadcast
- The checklist provides detailed guidance on compliance with consumer leasing regulations, ensuring that institutions meet the necessary requirements for consumer protection
Consumer Leasing Examination Checklist
- The checklist outlines specific requirements and disclosures for consumer leasing, as per §1013.4 of the FDIC Consumer Compliance Examination Manual
- It includes details on liability at the end of the lease term based on residual value and excess liability
- The checklist covers mutually agreeable final adjustments, fees and taxes, insurance disclosure requirements, warranties or guarantees, and penalties for late payments or default
- It also addresses security interests, disclosure of percentage rates, and requirements for disclosures during lease renegotiation or extension
- For electronic communication, the checklist mandates obtaining consumer consent, providing disclosures, and redelivery of undelivered communications
- Advertisements for leasing programs are expected to advertise terms that are usually available, be clear and conspicuous, and comply with page reference requirements for catalog and multiple page ads
- The checklist requires specific disclosures for triggering terms used in advertisements, including lease transaction details, scheduled payments, and liability based on residual value
- Additionally, merchandise tags using triggering terms should refer to additional required disclosures
- Television or radio advertisements using triggering terms should direct consumers to a toll-free number or written advertisement for additional information
- Toll-free numbers should be listed with a reference for obtaining information and should be available for at least ten days after broadcast
- The written advertisement should include the name and date of publication and be available for at least ten days after broadcast
- The checklist provides detailed guidance on compliance with consumer leasing regulations, ensuring that institutions meet the necessary requirements for consumer protection
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