7. Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate against an applicant for credit on the basis of: O a. income. O b. length of employment. O c. felony conviction. O d. age.
7. Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate against an applicant for credit on the basis of: O a. income. O b. length of employment. O c. felony conviction. O d. age.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:7. Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate against an applicant for credit on the basis of:
O a. income.
O b. length of employment.
O c. felony conviction.
O d. age.
8. Transfers of consumer credit balances to new credit cards are a lucrative area for banks and credit card companies.
a. True
O b. False
9. Which of the following statements is true of a subprime loan?
O a. It is now prohibited under the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFCPA).
b. It is a loan with higher interest rates and large prepayment penalties.
O c. It is for borrowers with a FICO (Fair Isaac Co.) score below 720.
O d. It is for borrowers with a FICO (Fair Isaac Co.) score above 720.
Transcribed Image Text:10. Which of the following is true of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009?
O a. It restricts credit card solicitation of those under the age of 18.
O b. It allows college and university partnering with credit card companies.
O c. It created the Consumer Financial Protection Bureau (CFPB).
O d. It limits the frequency of companies changing a card holder's interest rate.
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