To Protect Consumers in Case the Bank Makes an Error

question 170

Multiple Choice

To protect consumers in case the bank makes an error or the customer's account information is stolen, Congress passed the

• A) Truth-in-Banking Act.
• B) Banking Regulation No. 204.
• C) Security Protection Act.
• D) Electronic Funds Transfer Act.
• E) Financial Securities Act.

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Definitions:

Dischargeable

Pertaining to debts, a condition under which debts can be legally released or forgiven, often in the context of bankruptcy.

Hardship Discharge

A release from certain types of obligations or debts due to extreme financial difficulty, often in a bankruptcy context.

Chapters 7

A reference to Chapter 7 of the United States Bankruptcy Code, which provides for the liquidation of a debtor's assets to pay off creditors.

Composition

The agreement in bankruptcy proceedings where a debtor repays a portion of the debt instead of the full amount to creditors.