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End of Semester Test: Personal Finance
Match each law to its key provision.
Home Ownership and Equity
Protection Act
Right to Financial Privacy Act
Equal Credit Opportunity Act
Gramm-Leach Bliley Act
Provision
sum All rights reserved
mandates pre-loan counseling for borrowers
prohibits creditors from discriminating among
consumers based on factors like age and
marital status.
requires the federal government to obtain
a court order to access customer
financial information
requires banks to explain what information
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Answer :

GinnyAnswer

Final answer:

The Equal Credit Opportunity Act prohibits discrimination in credit based on factors like age and marital status. The Gramm-Leach Bliley Act mandates banks to disclose consumer information practices. The Right to Financial Privacy Act safeguards customer financial information through court orders.


Explanation:

Equal Credit Opportunity Act: This law prohibits creditors from discriminating among consumers based on factors like age and marital status. For example, it ended the practice of lenders refusing to loan money to married women independently of their husbands.

Gramm-Leach Bliley Act: This law requires banks to explain what information they collect and share about consumers and to safeguard their financial information.

Right to Financial Privacy Act: This law mandates that the federal government must obtain a court order to access customer financial information, protecting individuals' financial privacy.


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