NCCO Exam 3 Questions with 100% Correct
Answers | Verified || ACTUAL EXAM 2026 TEST!!
Graded A+ | 2025|2026 EXAM UPDATE
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Terms in this set (50)
If a credit union is advertising a a. True, and if the promotional rate is at the
promotional APR on an open-end opening of a new account the credit union must
credit product, the credit union use the term "introductory" or "intro" immediately
must also include information about in front of the promotional APR.
when the promotional rate ends
and the APR that will apply after the
end of the promotional period.
a. True, and if the promotional rate
is at the opening of a new account
the credit union must use the term
"introductory" or "intro" immediately
in front of the promotional APR.
b. True, but this requirement only
applies to home equity lines of
credit (HELOCs).
c. False, this requirement only
applies if the credit union uses the
term "fixed" in the advertisement.
d. False, the credit union only needs
to include this information on
internet advertisements.
,Lenders are required to provide a e. All of the above
homeownership counseling
disclosure, listing ten HUD
approved counseling organizations
in order of proximity to the
borrower's current zip code, to
applicants for which of the
following types of federally-related
mortgage loans? Choose the best
answer.
a. Purchase-money mortgages
b. Refinances
c. Closed-end home equity loans
d. Home equity lines of credit
(HELOCs)
e. All of the above
,A member applied for a $3000 c. May send the member an adverse action
personal line of credit. The credit notice combined with the counteroffer, and if the
union wants to counteroffer the member does not accept or does not respond to
member with a $1500 line of credit. the counteroffer, the credit union does not need
To meet its Regulation B notification to send another adverse action notice.
requirements, the credit union:
a. Must send the member an
adverse action notice, which cannot
be combined with the counteroffer.
b. May send the member an
adverse action notice combined
with the counteroffer, but if the
member does not accept or does
not respond to the counteroffer,
the credit union must send another
adverse action notice.
c. May send the member an
adverse action notice combined
with the counteroffer, and if the
member does not accept or does
not respond to the counteroffer,
the credit union does not need to
send another adverse action notice.
d. Must send the member an
adverse action notice with all
counteroffers.
, A member has submitted a direct c. The credit union must complete its
dispute to the credit union investigation of the dispute within 30 days, report
regarding her performance on a the results of the investigation to the member and
credit card account. Which of the notify consumer reporting agencies if the
following accurately describes the investigation reveals information reported was
credit union's obligations? inaccurate.
a. The credit union does not have
any obligations regarding the direct
dispute because disputes relating
to a member's performance on an
account are not covered by the
rule.
b. The credit union must complete
its investigation of the dispute
within 10 days and rep01t the result's
of the investigation to the member.
c. The credit union must complete
its investigation of the dispute
within 30 days, report the results of
the investigation to the member
and notify consumer repotting
agencies if the investigation reveals
information reported was
inaccurate.
d. The credit union must complete
its investigation of the dispute
within 30 days and report the
results of the investigation to the
member. Notice to the consumer
reporting agencies
Answers | Verified || ACTUAL EXAM 2026 TEST!!
Graded A+ | 2025|2026 EXAM UPDATE
Save
Terms in this set (50)
If a credit union is advertising a a. True, and if the promotional rate is at the
promotional APR on an open-end opening of a new account the credit union must
credit product, the credit union use the term "introductory" or "intro" immediately
must also include information about in front of the promotional APR.
when the promotional rate ends
and the APR that will apply after the
end of the promotional period.
a. True, and if the promotional rate
is at the opening of a new account
the credit union must use the term
"introductory" or "intro" immediately
in front of the promotional APR.
b. True, but this requirement only
applies to home equity lines of
credit (HELOCs).
c. False, this requirement only
applies if the credit union uses the
term "fixed" in the advertisement.
d. False, the credit union only needs
to include this information on
internet advertisements.
,Lenders are required to provide a e. All of the above
homeownership counseling
disclosure, listing ten HUD
approved counseling organizations
in order of proximity to the
borrower's current zip code, to
applicants for which of the
following types of federally-related
mortgage loans? Choose the best
answer.
a. Purchase-money mortgages
b. Refinances
c. Closed-end home equity loans
d. Home equity lines of credit
(HELOCs)
e. All of the above
,A member applied for a $3000 c. May send the member an adverse action
personal line of credit. The credit notice combined with the counteroffer, and if the
union wants to counteroffer the member does not accept or does not respond to
member with a $1500 line of credit. the counteroffer, the credit union does not need
To meet its Regulation B notification to send another adverse action notice.
requirements, the credit union:
a. Must send the member an
adverse action notice, which cannot
be combined with the counteroffer.
b. May send the member an
adverse action notice combined
with the counteroffer, but if the
member does not accept or does
not respond to the counteroffer,
the credit union must send another
adverse action notice.
c. May send the member an
adverse action notice combined
with the counteroffer, and if the
member does not accept or does
not respond to the counteroffer,
the credit union does not need to
send another adverse action notice.
d. Must send the member an
adverse action notice with all
counteroffers.
, A member has submitted a direct c. The credit union must complete its
dispute to the credit union investigation of the dispute within 30 days, report
regarding her performance on a the results of the investigation to the member and
credit card account. Which of the notify consumer reporting agencies if the
following accurately describes the investigation reveals information reported was
credit union's obligations? inaccurate.
a. The credit union does not have
any obligations regarding the direct
dispute because disputes relating
to a member's performance on an
account are not covered by the
rule.
b. The credit union must complete
its investigation of the dispute
within 10 days and rep01t the result's
of the investigation to the member.
c. The credit union must complete
its investigation of the dispute
within 30 days, report the results of
the investigation to the member
and notify consumer repotting
agencies if the investigation reveals
information reported was
inaccurate.
d. The credit union must complete
its investigation of the dispute
within 30 days and report the
results of the investigation to the
member. Notice to the consumer
reporting agencies
