The Consumer Credit Protection Act Is Also Known as the

question 61

Multiple Choice

The Consumer Credit Protection Act is also known as the

• A) Truth in Lending Act.
• B) Consumer Affirmative Credit Act.
• C) Consumer Credit Reporting Reform Act.
• D) Fair Credit Billing Act.
• E) Equal Credit Opportunity Act.

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Definitions:

Time Deposits

Time Deposits are savings accounts or certificates of deposit (CDs) that lock the depositor's funds for a certain period of time, during which early withdrawal incurs penalties.

Reserve Requirements

The portion of depositors' balances that banks must have on hand as cash, mandated by central banking authorities.

Treasury Bills

Short-term government securities issued with a promise to be paid back at a specified future date with a fixed interest rate.

Federal Reserve District Bank

A regional bank of the Federal Reserve System, overseeing banks within a specific district and participating in monetary policy to help regulate the economy.