CCT Key Federal Regulations 4

Question 1

Under the Gramm-Leach-Bliley Act (GLBA), financial institutions must provide privacy notices to customers:

Accepted Answer

At account opening and annually thereafter

Answer

GLBA requires financial institutions to provide initial and annual privacy notices describing their information sharing practices.

Question 2

A Suspicious Activity Report (SAR) under the BSA must be filed within how many days of detecting suspicious activity?

Accepted Answer

30 days

Answer

Financial institutions must file a SAR with FinCEN within 30 calendar days of detecting a suspicious transaction (60 days if no suspect is identified initially).

Question 3

Under the Fair Credit Reporting Act (FCRA), consumers have the right to receive one free credit report per year from each nationwide credit bureau under which program?

Accepted Answer

AnnualCreditReport.com

Answer

AnnualCreditReport.com is the FCRA-mandated centralized service where consumers can request one free report annually from Equifax, Experian, and TransUnion.

Question 4

The Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) for covered loans to active-duty servicemembers at:

Accepted Answer

36%

Answer

The MLA limits the MAPR on covered consumer credit products extended to active-duty servicemembers and their dependents to 36%.

Question 5

Which regulation implements the Truth in Savings Act (TISA) for depository institutions?

Accepted Answer

Regulation DD

Answer

Regulation DD implements TISA, requiring depository institutions to disclose account terms and conditions including interest rates and fees.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Key Federal Regulations 4