CCT Compliance Oversight Agencies 5 — Questions and Answers
Question 1: Which agency conducts stress tests on large bank holding companies under the Dodd-Frank Act Stress Testing (DFAST) requirements?
- OCC
- FDIC
- Federal Reserve (Correct answer)
- Treasury
Correct answer: Federal Reserve
The Federal Reserve administers DFAST stress tests for bank holding companies with $100 billion or more in total consolidated assets.
Question 2: A compliance professional at a futures commission merchant needs to file a suspicious activity report. To which agency must it be submitted?
- CFTC
- FinCEN (Correct answer)
- FBI
- SEC
Correct answer: FinCEN
SARs from futures commission merchants must be filed with FinCEN, which administers BSA SAR requirements across financial sectors.
Question 3: Which agency enforces export control regulations under the Export Administration Regulations (EAR)?
- Department of State
- OFAC
- Bureau of Industry and Security (BIS) (Correct answer)
- Customs and Border Protection
Correct 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.
Question 4: Which entity has examination authority over third-party service providers that serve multiple federally regulated financial institutions?
- CFPB
- Federal Financial Institutions Examination Council (FFIEC) (Correct answer)
- FINRA
- State banking regulators
Correct 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.
Question 5: 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?
- SEC
- OCC
- FTC (Correct answer)
- CFPB
Correct 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.
Question 6: Which agency enforces workplace anti-discrimination laws including Title VII of the Civil Rights Act for private sector employers?
- Department of Labor
- Department of Justice
- EEOC (Correct answer)
- OFCCP
Correct answer: EEOC
The EEOC investigates and enforces Title VII and other federal employment discrimination laws for private sector employers.
Question 7: 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?
- PCAOB
- SEC (Correct answer)
- FASB
- Federal Reserve
Correct 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.
CCT Compliance Oversight Agencies 5
Which agency conducts stress tests on large bank holding companies under the Dodd-Frank Act Stress Testing (DFAST) requirements?