CRB Financial Regulations & Compliance 2

Question 1

Under the Bank Secrecy Act, what is the threshold amount for filing a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a CTR for any cash transaction exceeding $10,000 in a single business day.

Question 2

Which regulation implements the Truth in Savings Act and requires disclosure of deposit account terms?

Accepted Answer

Regulation DD

Answer

Regulation DD implements the Truth in Savings Act, requiring clear disclosure of interest rates, fees, and terms for consumer deposit accounts.

Question 3

A customer deposits $9,500 on Monday and $1,000 on Tuesday at the same branch. What BSA obligation may apply?

Accepted Answer

File a SAR only if the teller suspects structuring

Answer

If a bank suspects the customer is structuring transactions to avoid CTR reporting, it must file a Suspicious Activity Report (SAR).

Question 4

The Gramm-Leach-Bliley Act primarily requires financial institutions to:

Accepted Answer

Provide customers with privacy notices and opt-out rights

Answer

GLBA requires financial institutions to give customers privacy notices explaining data-sharing practices and provide opt-out options for sharing with non-affiliated third parties.

Question 5

Which federal agency is primarily responsible for enforcing consumer protection laws at national banks?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

The CFPB has primary authority for enforcing federal consumer financial protection laws across most large banks and financial institutions.

(CRB) Certified Retail Banker Practice Test

(CRB) Certified Retail Banker Practice Test

CRB Financial Regulations & Compliance 2