CBA Regulatory Compliance Auditing 2

Question 1

Under the Bank Secrecy Act (BSA), what is the minimum transaction amount that triggers a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

$5,000

Answer

$15,000

Answer

$25,000

Question 2

Which regulatory body is primarily responsible for enforcing the Community Reinvestment Act (CRA) for national banks?

Accepted Answer

OCC

Answer

FDIC

Answer

Federal Reserve

Answer

CFPB

Question 3

A bank's compliance audit reveals that loan officers have been redlining minority neighborhoods. Which law is most directly violated?

Accepted Answer

Equal Credit Opportunity Act

Answer

Truth in Lending Act

Answer

Bank Secrecy Act

Answer

Gramm-Leach-Bliley Act

Question 4

What does the term 'structuring' refer to in the context of BSA/AML compliance?

Accepted Answer

Breaking up transactions to avoid CTR reporting thresholds

Answer

Organizing loan portfolios by risk tier

Answer

Structuring internal audit teams by function

Answer

Creating tiered customer due diligence levels

Question 5

Which examination rating system do federal banking regulators use to evaluate bank safety and soundness, including compliance components?

Accepted Answer

CAMELS

Answer

PACE

Answer

TIGER

Answer

MERIT

Question 6

Under Regulation E, what is the maximum liability for a consumer who reports an unauthorized electronic funds transfer within 2 to 60 days of receiving their statement?

Accepted Answer

$500

Answer

$0

Answer

$50

Answer

Unlimited

Question 7

A compliance auditor discovers that a bank failed to provide the required HMDA data to regulators. What is the primary risk this finding creates?

Accepted Answer

Regulatory sanctions and fair lending scrutiny

Answer

Increased reserve requirements

Answer

Automatic license revocation

Answer

Mandatory capital raises