APRP Industry Standards Flashcards
7 cards from real APRP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 APRP Industry Standards flashcards as text
The Federal Reserve's Regulation CC governs funds availability and sets maximum hold periods. What is the standard next-day availability rule for which type of check?
Answer: US Treasury checks deposited in person
Regulation CC requires next-business-day availability for government checks, including US Treasury checks, when deposited in person at the bank.
Which standard defines the security requirements for hardware devices used to enter PINs during payment card transactions?
Answer: PCI PTS (PIN Transaction Security)
PCI PTS (PIN Transaction Security) establishes the physical and logical security requirements for PIN entry devices (PEDs) used at the point of sale.
Under the Durbin Amendment (Regulation II), what restriction applies to debit card transaction routing?
Answer: Merchants must be given a choice of at least two unaffiliated networks for each debit transaction
Regulation II requires that issuers enable at least two unaffiliated debit networks for each transaction type, giving merchants routing choice to drive competition.
In SWIFT messaging, which message type (MT) is used for a general financial institution transfer (customer credit transfer)?
Answer: MT 103
MT 103 is the SWIFT message type for single customer credit transfers, used to instruct a bank to transfer funds to a beneficiary customer.
The CFPB's UDAAP standard prohibits financial institutions from engaging in practices that are Unfair, Deceptive, or Abusive. Which element distinguishes 'abusive' from 'deceptive'?
Answer: Abusive targets materially interfering with a consumer's ability to understand a product or taking unreasonable advantage
An abusive act materially interferes with a consumer's ability to understand a product/service or takes unreasonable advantage of consumer vulnerabilities, which is distinct from the misrepresentation focus of 'deceptive.'
What is the primary purpose of the FFIEC's Authentication Guidance for internet banking environments?
Answer: To provide a risk-based framework for evaluating and implementing appropriate authentication controls
The FFIEC Authentication Guidance establishes a risk-based framework, requiring institutions to assess transaction risk and implement authentication controls commensurate with that risk.
Under Visa's Dispute Monitoring Program (VDMP), what threshold triggers enrollment in the standard monitoring program for a merchant?
Answer: 100 disputes and 0.65% dispute ratio in a month
VDMP standard enrollment is triggered when a merchant reaches 100 disputes and a 0.65% dispute-to-transaction ratio in a single month.