Bank Code Bank Code Regulations

Question 1

Which organization sets the rules governing ACH transactions and routing number usage in the US?

Accepted Answer

NACHA (National Automated Clearing House Association)

Answer

Federal Reserve

Answer

FDIC

Answer

OCC

Question 2

Under Nacha rules, how long does an Originating Depository Financial Institution (ODFI) have to initiate a reversal of an erroneous ACH entry?

Accepted Answer

5 banking days

Answer

1 business day

Answer

10 banking days

Answer

30 calendar days

Question 3

Which federal regulation governs consumer electronic fund transfers including ACH direct deposit?

Accepted Answer

Regulation E

Answer

Regulation Z

Answer

Regulation D

Answer

Regulation CC

Question 4

What is the Bank Secrecy Act (BSA) requirement related to large wire transfers?

Accepted Answer

Banks must report wire transfers over $10,000 using a CTR (Currency Transaction Report)

Answer

Banks must report all wire transfers

Answer

All wire transfers require FBI approval

Answer

Wire transfers over $1,000 need a court order

Question 5

Under the Dodd-Frank Act, the CFPB has authority to regulate which payment-related activities?

Accepted Answer

Consumer financial products and services including payment systems and electronic transfers

Answer

Only mortgage payments

Answer

Only credit card transactions

Answer

Only business-to-business payments

Question 6

What is 'structuring' in US banking regulations and how does it relate to wire transfers?

Accepted Answer

Breaking up large transactions into smaller amounts to avoid reporting requirements

Answer

Organizing multiple bank accounts for efficiency

Answer

Setting up a wire transfer schedule

Answer

Structuring a loan repayment plan