Regulation Z and Credit Cards | Compliance Alliance

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Question 1 of 10

1. Question
1. Card issuers must disclose a billing rights statement how often?
A. Every month
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B. Once per quarter
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C. Annually
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D. At least once per year, but a notice may be included on each periodic statement
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Question 2 of 10

2. Question
1. Change in terms notices must be issued how many days before the change is implemented?
A. 10 days
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B. 30 days
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C. 45 days
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D. 90 days
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Question 3 of 10

3. Question
1. Which of the following are billing errors?
A. A transaction that was not made by the consumer
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B. A transaction that is not labeled correctly according to the rules for statement disclosures
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C. A periodic statement that arrived a couple days later than the consumer expected to see it in their mailbox
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D. A and B
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Question 4 of 10

4. Question
1. What is an acceptable method a card issuer may use to assess ability to pay?
A. Having the consumer sign an affidavit that they believe they can make all required payments
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B. Documenting the consumer’s debt-to-income ratio
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C. Denying the credit card application for any consumer who only works part-time
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D. Requiring an applicant to have worked at the same job for at least two years to demonstrate stability of income
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Question 5 of 10

5. Question
1. Which card issuers need to submit their card agreements to the CFPB for public posting?
A. Card issuers with more than 10,000 open accounts
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B. Card issuers that offer hybrid cards
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C. Card issuers will less than 500 open accounts
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D. All of the above
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Question 6 of 10

6. Question
1. Who must publicly disclose that they have a marketing agreement with a card issuer?
A. Banks
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B. Local businesses
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C. Institutions of higher education
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D. Agents of a card issuer
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Question 7 of 10

7. Question
1. True or false: Penalty rates are allowed for credit card accounts.
A. True
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B. False
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Question 8 of 10

8. Question

What statement applies when a cardholder dies and the remaining debt is being handled by the estate

A. The card issuer has to forgive the remaining balance on the credit card
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B. Card issuers must have reasonable written policies and procedures in place to ensure the administrator of the estate can pay off the credit card balance in a timely manner
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C. The deceased party’s next of kin is automatically personally liable for the remaining debt
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D. The card issuer should immediately turn the account over to a debt collector
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Question 9 of 10

9. Question
1. What sections of Regulation Z apply to commercial credit card accounts?
A. The rules for resolving billing errors
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B. The account opening disclosures
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C. The limits on increasing rates
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D. The special provisions for issuing cards, unauthorized use, and prohibition on offsets
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Question 10 of 10

10. Question
1. Card issuers may require credit insurance on credit card accounts
A. True
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B. False
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