APRP APRP Industry Standards 4

Question 1

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?

Accepted Answer

US Treasury checks deposited in person

Answer

Regulation CC requires next-business-day availability for government checks, including US Treasury checks, when deposited in person at the bank.

Question 2

Which standard defines the security requirements for hardware devices used to enter PINs during payment card transactions?

Accepted Answer

PCI PTS (PIN Transaction Security)

Answer

PCI PTS (PIN Transaction Security) establishes the physical and logical security requirements for PIN entry devices (PEDs) used at the point of sale.

Question 3

Under the Durbin Amendment (Regulation II), what restriction applies to debit card transaction routing?

Accepted Answer

Merchants must be given a choice of at least two unaffiliated networks for each debit transaction

Answer

Regulation II requires that issuers enable at least two unaffiliated debit networks for each transaction type, giving merchants routing choice to drive competition.

Question 4

In SWIFT messaging, which message type (MT) is used for a general financial institution transfer (customer credit transfer)?

Accepted Answer

MT 103

Answer

MT 103 is the SWIFT message type for single customer credit transfers, used to instruct a bank to transfer funds to a beneficiary customer.

Question 5

The CFPB's UDAAP standard prohibits financial institutions from engaging in practices that are Unfair, Deceptive, or Abusive. Which element distinguishes 'abusive' from 'deceptive'?

Accepted Answer

Abusive targets materially interfering with a consumer's ability to understand a product or taking unreasonable advantage

Answer

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.'

APRP - Accredited Payments Risk Professional Practice Test

APRP - Accredited Payments Risk Professional Practice Test

APRP APRP Industry Standards 4