The Federal Law That Requires Banks to Notify in Writing

question 9

Multiple Choice

The federal law that requires banks to notify in writing to their credit customers when a loan request is denied is known as the:

• A)Equal Credit Opportunity Act.
• B)Competitive Equality in Banking Act.
• C)Truth-in-Lending Act.
• D)Community Reinvestment Act.
• E)None of the options is correct.

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Definitions:

Anxious-ambivalent

A type of attachment style characterized by intense emotional bonds that are marked by a constant worry about the strength of those bonds.

Secure Attachment

A type of attachment style observed in development, characterized by feelings of safety and security in relationships, often resulting from consistent caregiver response.

Piaget's Stage Theory

A theory developed by Jean Piaget that outlines four stages of cognitive development in children: sensorimotor, preoperational, concrete operational, and formal operational.

Cognitive Development

The process of growth and change in intellectual capabilities that influence a person's behavior and learning ability throughout life.