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. TrueO b. False9. 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. 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.

Equal Credit Opportunity Act The ECOA law is only applicable in the United States, ECOA law is…

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6TP: When a customer is delinquent on paying a notes receivable, your company has the option to continue...

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Question

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.

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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