CCT Compliance Oversight Agencies 5

Question 1

Which agency conducts stress tests on large bank holding companies under the Dodd-Frank Act Stress Testing (DFAST) requirements?

Accepted Answer

Federal Reserve

Answer

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?

Accepted Answer

FinCEN

Answer

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)?

Accepted Answer

Bureau of Industry and Security (BIS)

Answer

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?

Accepted Answer

Federal Financial Institutions Examination Council (FFIEC)

Answer

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?

Accepted Answer

FTC

Answer

The FTC enforces the GLBA Safeguards Rule for financial institutions not subject to oversight by a federal functional regulator such as a banking agency.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Compliance Oversight Agencies 5