Compliance Oversight Agencies Flashcards
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Read the first 7 Compliance Oversight Agencies flashcards as text
Which agency conducts stress tests on large bank holding companies under the Dodd-Frank Act Stress Testing (DFAST) requirements?
Answer: Federal Reserve
The Federal Reserve administers DFAST stress tests for bank holding companies with $100 billion or more in total consolidated assets.
A compliance professional at a futures commission merchant needs to file a suspicious activity report. To which agency must it be submitted?
Answer: FinCEN
SARs from futures commission merchants must be filed with FinCEN, which administers BSA SAR requirements across financial sectors.
Which agency enforces export control regulations under the Export Administration Regulations (EAR)?
Answer: Bureau of Industry and Security (BIS)
The Bureau of Industry and Security (BIS) within the Department of Commerce administers and enforces the EAR for dual-use goods and technology.
Which entity has examination authority over third-party service providers that serve multiple federally regulated financial institutions?
Answer: Federal Financial Institutions Examination Council (FFIEC)
The FFIEC coordinates examination authority over technology service providers and other third parties serving FFIEC member agency-regulated institutions.
Under the Gramm-Leach-Bliley Act (GLBA), which agency enforces the Safeguards Rule for non-bank financial institutions not covered by a federal functional regulator?
Answer: FTC
The FTC enforces the GLBA Safeguards Rule for financial institutions not subject to oversight by a federal functional regulator such as a banking agency.
Which agency enforces workplace anti-discrimination laws including Title VII of the Civil Rights Act for private sector employers?
Answer: EEOC
The EEOC investigates and enforces Title VII and other federal employment discrimination laws for private sector employers.
A compliance officer at a publicly traded company notices that their audit committee has a member who may not qualify as 'financially literate' under SOX. Which agency's rules define audit committee independence requirements for listed companies?
Answer: SEC
The SEC implemented SOX Section 301 audit committee requirements, and stock exchanges impose additional independence and financial literacy standards under SEC-approved listing rules.