CCT Compliance Oversight Agencies 2

Question 1

Which agency enforces the Bank Secrecy Act (BSA) and oversees anti-money laundering compliance for financial institutions?

Accepted Answer

FinCEN

Answer

OCC

Answer

FDIC

Answer

NCUA

Question 2

The Office of Foreign Assets Control (OFAC) operates under which federal department?

Accepted Answer

Department of the Treasury

Answer

Department of Justice

Answer

Department of Commerce

Answer

Department of Homeland Security

Question 3

Which agency has primary examination authority over federally chartered credit unions?

Accepted Answer

NCUA

Answer

FDIC

Answer

OCC

Answer

Federal Reserve

Question 4

A compliance officer discovers their firm's swap dealer is not properly reporting to a swap data repository. Which regulator should they notify first?

Accepted Answer

CFTC

Answer

SEC

Answer

FINRA

Answer

OCC

Question 5

Which body issues the Uniform Standards of Professional Appraisal Practice (USPAP), which appraisers must follow under federal financial institution regulations?

Accepted Answer

The Appraisal Foundation

Answer

HUD

Answer

CFPB

Answer

OCC

Question 6

Which agency enforces the Equal Credit Opportunity Act (ECOA) for non-bank mortgage lenders?

Accepted Answer

CFPB

Answer

HUD

Answer

OCC

Answer

Federal Reserve

Question 7

The Financial Industry Regulatory Authority (FINRA) derives its authority primarily from which source?

Accepted Answer

SEC oversight and delegation

Answer

Congressional statute

Answer

Federal Reserve Board

Answer

Department of Justice authorization