CFP Regulatory Compliance & Standards 2

Question 1

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

Accepted Answer

$10,000

Answer

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

Question 2

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

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

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

Question 3

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

Accepted Answer

FinCEN

Answer

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

Question 4

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

Accepted Answer

12 characters

Answer

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

Question 5

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

Accepted Answer

Exemption 6

Answer

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

(CFP) Certified Fintech Practitioner Practice Test