The Requirement That Banks Must Provide Their Consumer Loan Customers

question 1

Multiple Choice

The requirement that banks must provide their consumer loan customers with a statement of the APR for the proposed loan was established by the:

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

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Definitions:

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services.

Market Basket

A fixed list of items used to track the progress of inflation in an economy.

CPI

A gauge for inflation, the Consumer Price Index analyzes the weighted average price of a collection of consumer products and services.

GDP Deflator

An index that measures the prices of all new, domestically manufactured, final goods and services in a country's economy.