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Bank Code Regulations Flashcards

6 cards from real Bank Code practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Bank Code Regulations flashcards as text

  1. What is the 'Travel Rule' in US banking regulations as it applies to wire transfers?

    Answer: Banks must pass certain customer information along with wire transfers over $3,000

    The Travel Rule requires banks to include and pass along identifying information about wire transfer originators and beneficiaries for transfers of $3,000 or more.

  2. Which regulatory body has primary examination authority over national bank compliance with payment system regulations?

    Answer: OCC (Office of the Comptroller of the Currency)

    The OCC has primary supervisory and examination authority over national banks, including their compliance with payment system regulations and routing number policies.

  3. What does OFAC do that is relevant to wire transfers and routing numbers?

    Answer: OFAC maintains sanctions lists that banks must screen wire transfers against before processing

    OFAC (Office of Foreign Assets Control) maintains sanctions lists of individuals and entities; banks must screen all wire transfers against these lists before processing.

  4. Under Regulation J, which institution is responsible for the final settlement of Fedwire funds transfers?

    Answer: Federal Reserve Banks

    Regulation J governs funds transfers through Federal Reserve Banks (Fedwire), making Federal Reserve Banks responsible for the final settlement of Fedwire transactions.

  5. What is the Electronic Fund Transfer Act (EFTA) primarily designed to protect?

    Answer: Consumers using electronic payment systems including debit cards and ACH transfers

    The EFTA is designed to protect consumers using electronic fund transfer systems, establishing rights, liabilities, and responsibilities for EFT transactions including ACH.

  6. When a US bank merges with another, who must approve any routing number consolidation or changes?

    Answer: The ABA Routing Number Policy and Administration department

    Routing number consolidation or changes during bank mergers must be approved by the ABA Routing Number Policy and Administration department, which maintains the national registry.