| NOW account | An interest-bearing checking account available to individuals and nonprofit institutions from banks and other depository institutions.
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| residential mortgage credit | Loans provided to support the purchase of new or existing single-family homes and other permanent dwellings.
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| installment credit | All liabilities of a borrowing customer other than home mortgages that are retired in two or more consecutive loan payments.
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| noninstallment credit | A loan that is normally paid off in a lump sum rather than in a series of installment payments.
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| home equity loan | Extension of credit to individuals who own their homes in which the borrowers' homes are pledged as collateral to support the loans and the amount of the loan is based on the difference between the market value of the home and the amount of any home mortgage debt outstanding (i.e., the owner's equity in a home).
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| credit card | A plastic card that allows the holder to borrow cash or to pay for goods and services with credit.
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| debit card | A plastic card that is used to identify the owner of the card or to make immediate payments for goods and services.
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| credit scoring techniques | Statistical models designed to evaluate a prospective borrower's default risk exposure based on variables reflecting the borrower's credit history and financial condition.
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| Truth in Lending | A law passed by the U.S. Congress in 1968 that requires covered lenders to disclose fully all the relevant terms of a personal loan to the borrower and to report a standardized loan rate (known as the APR, or annual percentage rate).
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| Fair Credit Billing Act | A federal law giving customers the right to question entries on bills sent to them for goods and services purchased on credit and giving them the right to expect that billing errors will be corrected as quickly as possible.
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| Fair Credit Reporting Act | A federal law that gives credit customers the right to view their credit record held by a credit bureau and to secure correction of any errors in that record.
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| Financial Services Modernization (Gramm-Leach-Bliley) Act | A 1999 law of the U.S. government permitting the formation of financial holding companies that bring banks, insurance companies, and securities firms together in the same organization and allow customers to protect their financial privacy.
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| identity theft | Using another person's name and nonpublic data (such as his or her Social Security number) to fraudulently obtain credit or personal assets.
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| Community Reinvestment Act | A federal law passed in 1977 that requires depository institutions to designate the market areas they will serve and to provide services without discrimination to all neighborhoods within their designated market areas.
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| Equal Credit Opportunity Act | A federal law passed in 1974 forbidding lending institutions from discriminating in the granting of credit based on the age, race, ethnic origin, religion, or receipt of public assistance of the borrowing customer.
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