Which of the following did the CARD Act do that was not part of TILA?(1 point)

Question

Responses

It banned loan officers from steering customers toward loans that were not in the best interest of the borrower.
It banned loan officers from steering customers toward loans that were not in the best interest of the borrower.

It banned credit card companies from raising interest rates after a set amount of time.
It banned credit card companies from raising interest rates after a set amount of time.

It gave borrowers the right to cancel certain loans within three days.
It gave borrowers the right to cancel certain loans within three days.

It banned credit card companies from raising interest rates after missed payments.

Answer 1

The correct response is:

It banned loan officers from steering customers toward loans that were not in the best interest of the borrower.

This provision, aimed at protecting consumers and ensuring that they receive loans that fit their financial needs, is specifically part of the Credit Card Accountability Responsibility and Disclosure (CARD) Act and not part of the Truth in Lending Act (TILA).