Term
| What are the words behind R.E.S.P.A |
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Definition
- Real Estate Settlement Procedures Act
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Term
| What is the document retention period for R.E.S.P.A |
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Definition
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Term
| Purpose of Law & Documents within R.E.S.P.A |
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Definition
Provide Info on Settlement Costs
*Makes Escrow Rules
*Prohibits Referrals and Kickbacks |
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Term
| What is the Letter REG for R.E.S.P.A |
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Definition
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Term
| What is the Governing Agency for R.E.S.P.A |
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Definition
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Term
| RESPA Penalties & Fines under Law |
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Definition
- $7,500 per Violation
- Sec 8: 10,000 &/or 1yr Prison
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Term
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Definition
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Term
| Document retention period for TILA |
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Definition
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Term
| Purpose of Law & Documents within Law for TILA |
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Definition
Protect Consumer by disclosing Cost of Credit
*APR Finances Charges
*No Misleading Advertisement |
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Term
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Definition
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Term
| Governing Agency for TILA |
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Definition
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Term
| Penalties & Fines under Law for REG Z TILA |
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Definition
- Civil: $1 Mil or 1% of Net Worth whichever is less
- Criminal: $5,000 &/or1yr Prison
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Term
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Definition
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Term
| Purpose of Law & Documents ECOA |
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Definition
*Prohibits Discrimination
*No protected Class
*Notice of Adverse Action
-30 Day Status Updates |
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Term
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Definition
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Term
| Governing Agency for ECOA |
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Definition
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Term
| Penalties & Fines under Law for violating ECOA |
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Definition
- Punitive damages up to $10K
- Class: $500,000 or 1% of Net Worth
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Term
| HDMA- Home Mortgage Disclosure ACT document retention period |
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Definition
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Term
| Purpose of Law & Documents within Law for HMDA |
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Definition
Identify Urban Areas where the availability of Home Financing at reasonable terns is
Limited.
*To identify Redlining
Use of L.A.R. – Reported Annually |
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Term
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Definition
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Term
| Governing Agency for HMDA |
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Definition
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Term
| Penalties & Fines under Law for HMDA |
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Definition
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Term
| Document Retention for FCRA |
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Definition
| No document retention is required for FCRA |
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Term
| Purpose of Law & Documents within Law for FCRA |
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Definition
CRA mainly responsible for who has access to credit and protection
*Has to have Legal Permissible Purpose to access credit |
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Term
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Definition
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Term
| Governing agency for FCRA |
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Definition
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Term
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Definition
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Term
| Penalties & Fines under Law for FCRA |
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Definition
- Civil: Actual Damages or $1,000, whichever is greater
- Criminal: Fine &/or up to 2 years in prison
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Term
| Document retention period for FACT |
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Definition
| The is not a document retention period for FACTA |
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Term
| What is the REG letter for FACTA |
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Definition
| FACTA Does not have a REG letter |
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Term
| Purpose of Law & Documents within Law for FACT |
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Definition
*Prevent Identity Theft
*Facilitate Consumer Access to Information
*Notice of Adverse Action
*Customer Dispute Resolution
*30 Days for Negative Information
*Disposal Rules for Collected Data |
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Term
| What is the Reg letter for FACTA |
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Definition
| FACTA does not have a REG Letter |
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Term
| Governing Agency for FACTA |
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Definition
| The CFPB but FTC for Redflag |
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Term
| Penalties & Fines under Law under FACTA |
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Definition
| There are not defined fines for FACTA |
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Term
| Document Retention period for TCPA |
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Definition
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Term
| Purpose of Law & Documents within law for TCPA |
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Definition
*Do Not Call Registry = Forever
*Stops Telemarketing Harassment |
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Term
| Governing Agency for TCPA |
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Definition
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Term
| Penalties & Fines under Law for TCPA |
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Definition
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Term
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Definition
| TCPA does not have a REG letter |
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Term
| Document retention for USA Patriot Act |
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Definition
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Term
| Purpose of Law & Documents within Law for USA Patriot Act |
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Definition
Responsible for Investigating, Identifying and reporting information on Money Laundering and other Financial Crimes
*Must have a CIP In Place
*The Use of SAR’s are in the Law |
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Term
| Reg Letter for USA Patriot Act |
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Definition
| USA Patriot Act does not have a REG letter |
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Term
| Governing Agency for USA Patriot Act |
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Definition
| USA Patriot Act does not have governing letter |
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Term
| Penalties & Fines under Law for violating USA patriot ACT |
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Definition
$1 Million
Civil: $250,000
Executives can be imprisoned for severe violations |
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Term
| Document retention requirement for Gramm Leach Bliley Act (GLB) |
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Definition
| Gramm Leach Bliley Act does not have a document retention requirement |
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Term
| Purpose of Law & Documents within Law for Gramm Leach Bliley Act (GLB) |
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Definition
initial Privacy Notice
*Opt Out Notice
*Annual Privacy Notice
*Protects Against Sharing Public Pers. Info
* Defines Difference between Consumer / Cust.
*Pretexting
*Has to be appropriate to size & complexity |
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Term
| Regulation Letter for Gramm Leach Bliley Act |
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Definition
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Term
| Governing Agency for Gramm Leach Bliley Act (GLB) |
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Definition
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Term
| Penalties & Fines under Law for violating Gramm Leach Bliley Act (GLB) |
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Definition
| There are not penalties for violating GLB Gramm Leach Bliley Act |
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Term
| Document retention requirement for Home Ownership and Equity Protection Act (HOEPA) |
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Definition
| HOEPA Doers not have a Document retention period requirement |
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Term
| Purpose of Law & Documents within Law for HOEPA |
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Definition
Protection under TILA for High Interest and High fees
*APR Threshold
*Points and Fees Threshold
*Pre-Payment and Penalty Threshold |
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Term
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Definition
| There is not an associated REG letter for HOEPA |
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Term
| Governing Agency for HOEPA |
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Definition
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Term
| Penalties & Fines under Law for violating HOEPA |
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Definition
$7,500 per Violation
Sec 8: 10,000 &/or 1yr Prison |
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