CRCM Trivia 2

Question 1

Which federal agency has primary rulemaking authority under the Dodd-Frank Act for most consumer financial protection laws?

Accepted Answer

Consumer Financial Protection Bureau

Answer

The CFPB was created by the Dodd-Frank Act of 2010 and holds primary rulemaking, supervisory, and enforcement authority for most federal consumer financial protection laws.

Question 2

Under the Bank Secrecy Act, what is the threshold dollar amount that triggers a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

Financial institutions must file a CTR for cash transactions exceeding $10,000 in a single business day by or for any person.

Question 3

The Community Reinvestment Act (CRA) was enacted primarily to address which practice?

Accepted Answer

Redlining and credit discrimination in low-income communities

Answer

CRA was enacted in 1977 to combat redlining, where banks refused to provide credit or services to residents in low-income or minority neighborhoods.

Question 4

Which regulation implements the Truth in Lending Act (TILA) and requires disclosure of APR and finance charges?

Accepted Answer

Regulation Z

Answer

Regulation Z implements TILA and requires lenders to disclose credit terms including APR, finance charges, and total payments to help consumers compare credit offers.

Question 5

What is the primary purpose of the Suspicious Activity Report (SAR) filing requirement under BSA?

Accepted Answer

To report potential money laundering or other financial crimes to FinCEN

Answer

SARs are filed with FinCEN to report transactions that a financial institution suspects involve money laundering, fraud, or other criminal activity.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Trivia 2