Compliance Oversight Agencies Flashcards

Which federal agency oversees compliance with the Community Reinvestment Act (CRA) for state-chartered banks that are NOT members of the Federal Reserve System?

Answer: FDIC

The FDIC examines state-chartered non-member banks for CRA compliance, while the Fed covers state member banks and the OCC covers national banks.

A company subject to SEC reporting requirements discovers a material weakness in internal controls. Under SOX Section 404, which agency reviews the resulting disclosures?

Answer: SEC

The SEC reviews and enforces SOX Section 404 disclosures about internal control over financial reporting filed by public companies.

Which agency conducts examinations of registered investment advisers with assets under management of $100 million or more?

Answer: SEC

Investment advisers managing $100 million or more in assets must register with and are examined by the SEC.

The Occupational Safety and Health Administration (OSHA) falls under which cabinet department?

Answer: Department of Labor

OSHA is an agency within the U.S. Department of Labor, responsible for workplace safety standards and enforcement.

Which agency enforces the Foreign Corrupt Practices Act (FCPA) jointly with the Department of Justice?

Answer: SEC

The SEC and DOJ share FCPA enforcement jurisdiction — the SEC focuses on civil enforcement for issuers while DOJ handles criminal prosecution.

Which oversight body registers and inspects public company auditors and has authority to set auditing standards?

Answer: PCAOB

The Public Company Accounting Oversight Board (PCAOB), created by SOX, registers and inspects accounting firms that audit public companies.

A bank holding company's compliance team needs guidance on Volcker Rule compliance. Which agencies jointly issued Volcker Rule regulations?

Answer: Five agencies including Fed, OCC, FDIC, SEC, and CFTC

The Volcker Rule was implemented jointly by five federal agencies: the Fed, OCC, FDIC, SEC, and CFTC, reflecting its broad scope.