CCT Key Federal Regulations 3

Question 1

The Sarbanes-Oxley Act (SOX) Section 302 requires which corporate officers to certify financial reports?

Accepted Answer

CEO and CFO

Answer

SOX Section 302 requires the CEO and CFO to personally certify the accuracy and completeness of financial statements filed with the SEC.

Question 2

Under HIPAA, a 'covered entity' includes all of the following EXCEPT:

Accepted Answer

Law firms that advise hospitals

Answer

Law firms that advise healthcare entities are business associates, not covered entities; covered entities are providers, health plans, and clearinghouses.

Question 3

Which section of the USA PATRIOT Act expanded BSA requirements to include customer due diligence and beneficial ownership identification?

Accepted Answer

Section 326

Answer

Section 326 of the USA PATRIOT Act requires financial institutions to implement minimum customer identification procedures.

Question 4

The Fair Debt Collection Practices Act (FDCPA) applies primarily to:

Accepted Answer

Third-party debt collectors

Answer

The FDCPA primarily regulates third-party debt collectors who collect debts owed to another party, not original creditors collecting their own debts.

Question 5

Under the Electronic Funds Transfer Act (EFTA), what is the consumer's maximum liability for unauthorized transfers if reported within 2 business days?

Accepted Answer

$50

Answer

If a consumer reports an unauthorized EFT within 2 business days, their maximum liability is limited to $50 under EFTA.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Key Federal Regulations 3