CCT Key Federal Regulations 2

Question 1

Under the Bank Secrecy Act (BSA), what is the threshold for filing a Currency Transaction Report (CTR)?

Accepted Answer

$10,000 in a single day

Answer

$5,000 in a single transaction

Answer

$25,000 in a single transaction

Answer

$50,000 in a calendar month

Question 2

Which federal law established the Consumer Financial Protection Bureau (CFPB)?

Accepted Answer

Dodd-Frank Wall Street Reform and Consumer Protection Act

Answer

Gramm-Leach-Bliley Act

Answer

Sarbanes-Oxley Act

Answer

Fair Credit Reporting Act

Question 3

The Equal Credit Opportunity Act (ECOA) prohibits discrimination based on all of the following EXCEPT:

Accepted Answer

Credit score and payment history

Answer

Race and national origin

Answer

Sex and marital status

Answer

Age and religion

Question 4

Under the Truth in Lending Act (TILA), what must lenders disclose using the Annual Percentage Rate (APR)?

Accepted Answer

The true cost of credit including fees and interest

Answer

The total principal amount of the loan

Answer

The monthly payment amount only

Answer

The collateral value securing the loan

Question 5

Which regulation implements the Home Mortgage Disclosure Act (HMDA)?

Accepted Answer

Regulation C

Answer

Regulation B

Answer

Regulation E

Answer

Regulation Z

Question 6

The Right to Financial Privacy Act (RFPA) primarily restricts which entity from accessing customer financial records?

Accepted Answer

Federal government agencies

Answer

State tax authorities

Answer

Private credit reporting agencies

Answer

Foreign financial institutions

Question 7

Under the USA PATRIOT Act, financial institutions must establish Customer Identification Program (CIP) procedures as part of which broader requirement?

Accepted Answer

Know Your Customer (KYC)

Answer

Anti-Money Laundering (AML)

Answer

Suspicious Activity Reporting (SAR)

Answer

Currency Transaction Reporting (CTR)