CR15 UDAAP [RECOGNIZING AND PREVENTING] EXAM |ACCURATE ANSWERS
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CR15 UDAAP Recognizing and Preventing
Institution
CR15 UDAAP Recognizing And Preventing
B
1F35FAA476A6431D81178D91CF945672
Not answered. The correct answer is B. A is incorrect because the act or practice may be inadvertent. C is incorrect because whether or not the bank profited from the violation is irrelevant; the issue is harm to the customer. D is incorrect because regulator...
CR15 UDAAP [RECOGNIZING AND
PREVENTING] EXAM |ACCURATE
ANSWERS
B
1F35FAA476A6431D81178D91CF945672
Not answered. The correct answer is B. A is incorrect because the act or practice
may be inadvertent. C is incorrect because whether or not the bank profited from
the violation is irrelevant; the issue is harm to the customer. D is incorrect because
regulatory disclosures may be correct but the act or practice may still be deemed to
be unfair or deceptive. - ACCURATE ANSWER✅✅1. Shannon is a customer of
Community National Bank. She believes that the bank's mortgage loan
advertisements are unfair and deceptive and that she was injured by relying on the
information in those advertisements. What must Shannon's attorney be prepared to
establish if she seeks to prevail in a lawsuit against the bank?
A. That the bank's conduct was intentional
B. That the bank's conduct might possibly have an effect on the general public or
on the people to whom the bank advertised the product
C. That the bank profited from the deceptive or unfair act
D. That the bank's regulatory disclosures are also unfair or deceptive
A
D0B67A0E22AE4E24AD71DE7D9FDC2D28
Not answered. The correct answer is A. B, C, and D are incorrect because this is an
example of an unfair and deceptive trade practice. - ACCURATE
ANSWER✅✅2. A bank does not disclose an annual fee in marketing a credit
card that has an annual fee, what could this be an example of?
,A. An unfair and deceptive trade practice
B. A Reg DD violation
C. A good way for customers to save money
D. A good marketing idea
C
4E2C1B18166E4C8A9885EDCCA7081A6F
Not answered. The correct answer is C. A is incorrect because a bank can be held
liable for violating UDAP. B is incorrect because a bank is in violation of UDAP
when they are found liable under either of these standards. D is incorrect because
any bank regulator or the state where the bank is located can find that a bank has
violated UDAP standards. - ACCURATE ANSWER✅✅3. Under the original
standards broken down by UDAP concerning the two different legal standards: one
for unfair, and another for deceptive, in what manner can a bank violate these
standards?
A. A bank cannot be held liable under UDAP because it is not a banking regulation
B. A bank is liable under UDAP only when both the unfair and the deceptive
standards are violated
C. A bank is in violation of the act when it is found liable under either or both of
these standards
D. Only the CFPB can cite a bank for violations of UDAP
B
FF990985FD8844AC84D7EE50616E45FE
Not answered. The correct answer is B. A, C, and D are incorrect because the best
way to avoid problems is to ensure that all customers are well informed and
understand the products and services the bank offers that would be less costly
, alternatives to overdrawing their accounts. - ACCURATE ANSWER✅✅4. Oram
Bank prominently advertises its overdraft service. How can bank employees help
Oram Bank avoid charges of questionable practices when it comes to overdrafts?
A. Do not offer any overdraft products or services
B. Accurately represent the features of the bank's overdraft services and
alternatives to their customers
C. Charge everyone the same overdraft fees and never waive fees for anyone
D. Obtain credit reports on all applicants for checking accounts
A
5F811E14899F4807BB205B6C143B3E2E
Not answered. The correct answer is A. B is incorrect because information may be
provided in English. C and D are incorrect because a practice that is not material
and that takes into consideration the customer's educational level when presenting
information is not abusive. - ACCURATE ANSWER✅✅5. Mr. Tran and his
family immigrated to the U.S and Mr. Tran became a U.S. citizen. He only has a
grade school education and still has problems with English. He went to the bank to
open a checking account and afterwards filed a complaint with the CFPB stating
that he felt the bank's practices were abusive. What would Mr. Tran need to show
to support his claim?
A. That the bank's practices materially interfered with his ability to understand a
term or condition of a consumer financial product or service
B. That the bank presented information in English and he only spoke Vietnamese
C. That the bank omitted information that was not material to his overall
understanding of the product or service
D. That the bank presented information taking into consideration Mr. Tran's
educational level
A
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