A borrower-facing employee is unsure what to do when marketing proposes a rate the company is not prepared to offer. What is the correct response?
Correct Answer
C) Advertise only credit terms actually available
Lines 261-265 and 273-277; 12 CFR 1026.24(a). Specific advertised terms must be terms the creditor actually is or will be prepared to offer. Therefore, the correct response is "Advertise only credit terms actually available".
Why This Is the Correct Answer
Lines 261-265 and 273-277; 12 CFR 1026.24(a). Specific advertised terms must be terms the creditor actually is or will be prepared to offer. Therefore, the correct response is "Advertise only credit terms actually available".
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A branch onboarding review raises a question about predatory-lending controls. Which action should the quality-control reviewer recommend?
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