True or False QuestionTrue or false: The Fair Lending Act is a key federal law regulating the credit industry.O TrueO FalseSee answer

Daftar Isi

True or False QuestionTrue or false The Fair Lending Act is a key federal law regulating the credit industryO TrueO False

Question

True or False QuestionTrue or false: The Fair Lending Act is a key federal law regulating the credit industry.O TrueO False

Basic Answer

Step 1: Identify the question type

This is a true or false question about the Fair Lending Act.

Step 2: Define the Fair Lending Act

The Fair Lending Act is a set of federal laws that prohibit discrimination in lending based on factors like race, color, religion, national origin, sex, marital status, age, or the fact that someone receives public assistance. These laws aim to ensure equal access to credit for all.

Step 3: Determine the truth value

The statement “The Fair Lending Act is a key federal law regulating the credit industry” is True. The Fair Lending Act is a crucial piece of legislation that significantly impacts the credit industry by preventing discriminatory lending practices.

Final Answer

True