West Virginia Mortgage Law Practice Test

The Consumer Credit and Protection Act includes consumer identity protection measures that are consistent with those found under the federal:

1. Consumer Financial Protection Act

2. Fair Credit Reporting Act

3. Gramm-Leach-Bliley Act

4. Truth in Lending Act

The correct answer is: Consumer Financial Protection Act

The correct answer is the Fair Credit Reporting Act, which is focused specifically on consumer reporting and credit information, providing guidelines on how consumers' credit information can be used and ensuring their rights regarding the accuracy and privacy of that information. This Act mandates that consumer reporting agencies follow certain protocols for information sharing, which aligns closely with consumer identity protection measures. The other federal acts mentioned serve different purposes. The Consumer Financial Protection Act is primarily concerned with creating a federal agency to oversee consumer financial products, rather than establishing specific identity protection measures. The Gramm-Leach-Bliley Act deals with the sharing of personal financial information among financial institutions and includes provisions for privacy but does not directly parallel consumer identity protections in the same way. The Truth in Lending Act focuses on disclosures related to loan terms and costs, ensuring transparency in lending but not specifically addressing consumer identity protection. Thus, while all of these acts play important roles in consumer protection, the Fair Credit Reporting Act specifically provides the foundation for identity protection measures, making it the most appropriate choice.