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Questions and Answers
The Equal Credit Opportunity Act prohibits lenders from refusing to make loans based on the borrower's race or ethnicity.
The Equal Credit Opportunity Act prohibits lenders from refusing to make loans based on the borrower's race or ethnicity.
True
The Community Reinvestment Act requires depository institutions to report on loans made to high-income borrowers.
The Community Reinvestment Act requires depository institutions to report on loans made to high-income borrowers.
False
The Home Mortgage Disclosure Act applies only to small lenders in metropolitan areas.
The Home Mortgage Disclosure Act applies only to small lenders in metropolitan areas.
False
Redlining is the practice of refusing loans based on objective economic criteria.
Redlining is the practice of refusing loans based on objective economic criteria.
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The Fair Housing Act enforces the Truth in Lending Act requirements.
The Fair Housing Act enforces the Truth in Lending Act requirements.
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Under the Equal Credit Opportunity Act, lenders can consider a borrower's age when deciding on loan applications.
Under the Equal Credit Opportunity Act, lenders can consider a borrower's age when deciding on loan applications.
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The Community Reinvestment Act focuses on monitoring lenders' engagement in redlining practices.
The Community Reinvestment Act focuses on monitoring lenders' engagement in redlining practices.
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The Home Mortgage Disclosure Act requires lenders to disclose information about loans they originate or purchase to the federal government.
The Home Mortgage Disclosure Act requires lenders to disclose information about loans they originate or purchase to the federal government.
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Redlining is a permissible practice under the Fair Housing Act if based on economic conditions.
Redlining is a permissible practice under the Fair Housing Act if based on economic conditions.
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The Truth in Lending Act does not cover consumer loans secured by real property.
The Truth in Lending Act does not cover consumer loans secured by real property.
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