CCB Regulatory Reporting Requirements 5 — Questions and Answers
Question 1: Under the Community Reinvestment Act (CRA), large banks must collect and report small business and small farm loan data. Which regulator primarily examines CRA compliance for national banks?
- Federal Reserve Board
- FDIC
- Office of the Comptroller of the Currency (OCC) (Correct answer)
- CFPB
Correct answer: Office of the Comptroller of the Currency (OCC)
The OCC is the primary regulator for national banks and federal savings associations for CRA examination and enforcement purposes.
Question 2: A broker-dealer must file FOCUS (Financial and Operational Combined Uniform Single) reports. How frequently must firms with net capital under $250,000 file these reports?
- Annually
- Semi-annually
- Quarterly
- Monthly (Correct answer)
Correct answer: Monthly
Broker-dealers with less than $250,000 in net capital must file FOCUS reports monthly; larger firms file quarterly.
Question 3: Under IRS regulations, a company that pays $600 or more in non-employee compensation must issue which information return by January 31?
- Form W-2
- Form 1099-NEC (Correct answer)
- Form 1099-MISC
- Form 1042-S
Correct answer: Form 1099-NEC
Form 1099-NEC (Nonemployee Compensation) must be furnished to recipients and filed with the IRS by January 31 for payments of $600 or more.
Question 4: The Volcker Rule requires banking entities to report quantitative trading metrics to regulators. Which agencies have joint enforcement authority over this rule?
- SEC and CFTC only
- Federal Reserve, OCC, FDIC, SEC, and CFTC jointly (Correct answer)
- Treasury and Federal Reserve only
- OCC and FDIC only
Correct answer: Federal Reserve, OCC, FDIC, SEC, and CFTC jointly
The Volcker Rule is jointly enforced by five agencies: the Federal Reserve, OCC, FDIC, SEC, and CFTC, each overseeing the entities they regulate.
Question 5: Under CERCLA (Superfund), facilities must report releases of hazardous substances exceeding the reportable quantity to the National Response Center within what timeframe?
- Immediately (as soon as knowledge is gained) (Correct answer)
- Within 4 hours
- Within 24 hours
- Within 72 hours
Correct answer: Immediately (as soon as knowledge is gained)
CERCLA Section 103 requires persons in charge of facilities to immediately notify the National Response Center upon knowledge of a release exceeding the reportable quantity.
Question 6: Under the SEC's Regulation AB, asset-backed securities issuers must provide monthly distribution reports to investors on which form?
- Form 10-D (Correct answer)
- Form ABS-15G
- Form SF-3
- Form 8-K/A
Correct answer: Form 10-D
Form 10-D is the monthly distribution report required for asset-backed securities under Regulation AB, disclosing payment allocations and pool performance.
Question 7: A compliance officer discovers a filing was submitted with materially incorrect data. Under SEC rules, what is the appropriate corrective action?
- File a supplemental press release only
- File an amended report (e.g., 10-K/A or 8-K/A) with restated information (Correct answer)
- Correct the error in the next scheduled filing
- Notify only the audit committee with no public disclosure
Correct answer: File an amended report (e.g., 10-K/A or 8-K/A) with restated information
Material errors in SEC filings must be corrected by filing an amended report (indicated by '/A' suffix) that supersedes the original filing.
CCB Regulatory Reporting Requirements 5
Under the Community Reinvestment Act (CRA), large banks must collect and report small business and small farm loan data.
Which regulator primarily examines CRA compliance for national banks?