CCT Key Federal Regulations 5

Question 1

Under the Americans with Disabilities Act (ADA) Title III, financial institutions must:

Accepted Answer

Provide equal access to goods and services for individuals with disabilities

Answer

ADA Title III requires places of public accommodation, including financial institutions, to provide equal access to their goods and services for people with disabilities.

Question 2

Which federal law requires financial institutions to maintain records of cash purchases of negotiable instruments between $3,000 and $10,000?

Accepted Answer

BSA — Monetary Instrument Log (MIL)

Answer

The BSA requires financial institutions to maintain a Monetary Instrument Log for cash purchases of certain instruments between $3,000 and $10,000.

Question 3

Under the Home Ownership and Equity Protection Act (HOEPA), high-cost mortgage loans trigger additional protections when which threshold is exceeded?

Accepted Answer

APR exceeds the Average Prime Offer Rate by defined thresholds or points/fees exceed limits

Answer

HOEPA coverage is triggered when the APR exceeds the APOR by certain thresholds or when points and fees exceed defined limits set by the CFPB.

Question 4

The Children's Online Privacy Protection Act (COPPA) applies to websites that collect personal information from children under the age of:

Accepted Answer

13

Answer

COPPA applies to operators of commercial websites and online services directed to children under 13, requiring verifiable parental consent for data collection.

Question 5

Under Regulation E (Electronic Fund Transfer Act), financial institutions must resolve error claims related to unauthorized EFTs within how many business days provisionally?

Accepted Answer

10 business days

Answer

Under Reg E, institutions must provisionally credit the consumer's account within 10 business days while completing a full investigation within 45 days.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Key Federal Regulations 5