Practice Test Geeks(CAM) Certified Account Manager Practice Test
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Regulatory Compliance Flashcards

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

Read the first 7 Regulatory Compliance flashcards as text

  1. Under the Fair Debt Collection Practices Act (FDCPA), a debt collector may NOT contact a debtor:

    Answer: Before 9 a.m. or after 8 p.m. local time

    The FDCPA prohibits debt collectors from calling consumers before 8 a.m. or after 9 p.m. in the consumer's local time zone.

  2. The Volcker Rule, enacted under Dodd-Frank, prohibits banks from engaging in:

    Answer: Proprietary trading and certain hedge fund investments

    The Volcker Rule bars banks from proprietary trading and from owning, sponsoring, or investing in hedge funds or private equity funds.

  3. A bank account manager is asked by a longtime client to skip standard KYC documentation because they 'have been banking here for 20 years.' The correct response is to:

    Answer: Collect required KYC documentation as mandated by policy

    KYC requirements apply regardless of relationship length; account managers must follow regulatory mandates consistently.

  4. Regulation CC (Expedited Funds Availability Act) primarily governs:

    Answer: How quickly banks must make deposited funds available

    Regulation CC sets maximum hold periods for checks deposited into consumer accounts, ensuring timely access to funds.

  5. Which exam process does the OCC use to evaluate a national bank's risk management, operational controls, compliance, and asset quality?

    Answer: CAMELS rating system

    The CAMELS rating system evaluates Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity to market risk.

  6. Under the Military Lending Act (MLA), the maximum Military Annual Percentage Rate (MAPR) that lenders can charge active-duty servicemembers is:

    Answer: 36%

    The MLA caps the MAPR at 36% for consumer credit products extended to covered borrowers (active-duty servicemembers and their dependents).

  7. If a customer notifies their bank of an unauthorized debit card transaction within two business days, what is the maximum liability under Regulation E?

    Answer: $50

    Under Regulation E, if a consumer reports an unauthorized EFT within two business days, their liability is capped at $50.