Regulatory Compliance & Standards Flashcards

Under the Bank Secrecy Act (BSA), what is the currency transaction reporting threshold that triggers a mandatory CTR filing?

Answer: $10,000

The BSA requires financial institutions to file a Currency Transaction Report (CTR) for any cash transaction exceeding $10,000.

Which regulatory body oversees the enforcement of the Truth in Lending Act (TILA) for non-bank fintech lenders in the US?

Answer: Consumer Financial Protection Bureau (CFPB)

The CFPB holds primary enforcement authority over non-bank financial entities including fintech lenders under TILA.

A fintech company operating as a money transmitter in the US must register with which federal agency?

Answer: FinCEN

Money service businesses, including money transmitters, must register with FinCEN (Financial Crimes Enforcement Network) at the federal level.

Under PCI DSS, what is the minimum length required for passwords used by system administrators accessing cardholder data environments?

Answer: 12 characters

PCI DSS v4.0 requires passwords for interactive user accounts to be at least 12 characters long.

Which exemption under Regulation D historically limited consumers to six convenient transfers per month from savings accounts?

Answer: Exemption 6

Regulation D's Exemption 6 limited certain transfers from savings deposit accounts to six per month, though the Fed removed this limit in 2020.

A robo-advisor fintech platform is most likely required to register under which regulatory framework?

Answer: Investment Advisers Act of 1940

Robo-advisors providing automated investment advice must register as investment advisers under the Investment Advisers Act of 1940.

Under the Equal Credit Opportunity Act (ECOA), lenders must provide a notice of adverse action within how many days of a credit decision?

Answer: 30 days

ECOA requires creditors to notify applicants of adverse action within 30 days of receiving a completed credit application.