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Question 1 of 7
1. Question
A lender receives a loan application and uses the applicant’s financial statements to make a decision. How long must the lender retain the application and financial statements after notifying the applicant of the action taken?
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Question 2 of 7
2. Question
A lender denies a loan application and sends an adverse action notice to the applicant. How long must the lender retain a copy of the notice after notifying the applicant of the action taken?
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Question 3 of 7
3. Question
A lender collects government monitoring information as part of the loan application process. How long must the lender retain this information?
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Question 4 of 7
4. Question
A borrower submits a written statement alleging a violation of ECOA. How long must the lender retain this statement after notifying the applicant of the action taken?
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Question 5 of 7
5. Question
A lender fails to comply with ECOA. What type of civil liability may the lender face?
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Question 6 of 7
6. Question
A lender discovers that it provided an inadequate denial notice because of an inadvertent error. What must the lender do under ECOA?
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Question 7 of 7
7. Question
A lender fails to comply with ECOA’s adverse-action notification requirements. What penalty may the lender face?
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