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Exam CRCM topic 1 question 140 discussion

Actual exam question from ABA's CRCM
Question #: 140
Topic #: 1
[All CRCM Questions]

For what do ECOA and Regulation B extend coverage?

  • A. All types of credit
  • B. Only consumer credit
  • C. Only consumer credit of $25,000 or less
  • D. Only consumer and business credit with gross revenues of $1 million or less
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Suggested Answer: A 🗳️

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Cam22
4 months ago
Selected Answer: A
A. All types of credit - ECOA and Regulation B apply broadly to all types of credit transactions, including consumer credit, business credit, mortgage loans, and credit cards, regardless of the amount or the purpose of the credit. The purpose of ECOA is to prohibit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance.
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