Legal Foundations in Banking chapter 2

What are Banks Chartered by the OCC called? 1. National Banks 2.Executive Banks 3.Federal Banks 4.Congressional Banks

1

Which of the following would most likely be a community development loan? 1.Loan to a medical clinic located in a low income area 2.Automobile Loan made to a low income barrower 3.Loan to construct apartments for middle income occupants 4.Loan to purchase inventory for a coffee shop

1. Loan to a medical clinic located in a low income area

When Accepting stock options in a customers company, what is a loan officer violating? 1.The Bank Bribery Act 2.The Sarbanes-Oxley Act 3.Credit to Bank Insider regulations 4.Fair Lending Laws

1. The Bank Bribery Act

A Bank modifies a computer so a sight impaired individual can perform an operations job. What is this action called? 1.Favorable Action 2.Sufficient adjustment 3.Reasonable accommodation 4.Satisfactory compromise

3.

Which of the Following is not an antidiscrimination law? 1.Equal Credit Opportunity Act 2. Fair Housing Act 3.Americans with Disabilities Act 4.Community Reinvestment Act

4

The Community Reinvestment Act expressly prohibits discrimination in real estate lending

False

A list of loans made to low and moderate income customers must be included in the Banks CRA public file

False, not in the public CRA file

The Sarbanes-Oxley act applies to all banks

False, public traded only

The equal credit opportunity act applies to all types of loans/Credit

True

A Bank must adopt a branch closing policy before it can close any branches

True, as we've seen