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Annual UDAAP Training

The Bank will not inform cosigners in writing of their repsonsiblities and potenial liabilities before becoming obligated on the loan transaction.

True

False

The Credit Practices Rule addresses all of the following bank activities that are vulnerable to unfair credit practices EXCEPT for:

Confession of judgement

Assignment of wages

Waiver of determination

Waiver of exemption

Security interest in household goods

Pryamiding is the practice of charging more than one late fee for the same deliquent installment.

True

False

Which of the following are NOT bank activies that are vulnerable to unfair credit pratices?

Credit contracts

Cosigner Rules

Making deposits

Processing of late charges

How often will a compliance review be scheduled to assess compliance with the Credit Practices Rule and Regulation AA?

Every year

Every two years

Every three years

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