CCT Compliance Oversight Agencies 3

Question 1

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

Accepted Answer

FDIC

Answer

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

Question 2

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

Accepted Answer

SEC

Answer

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

Question 3

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

Accepted Answer

SEC

Answer

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

Question 4

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

Accepted Answer

Department of Labor

Answer

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

Question 5

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

Accepted Answer

SEC

Answer

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

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Compliance Oversight Agencies 3