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Regulatory Compliance & Legal Considerations Flashcards

7 cards from real CRU practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory Compliance & Legal Considerations flashcards as text

  1. Under the Bank Secrecy Act (BSA), financial institutions are required to file a Currency Transaction Report (CTR) for cash transactions exceeding:

    Answer: $10,000

    The BSA requires financial institutions to file a CTR for any cash transaction—or multiple related transactions in a single day—exceeding $10,000.

  2. Under the SAFE Act, mortgage loan originators are required to register and obtain a unique identifier through:

    Answer: The Nationwide Multistate Licensing System (NMLS)

    The SAFE Act created the NMLS as the centralized system for licensing, registering, and tracking mortgage loan originators across all states.

  3. Under the SAFE Act, a state-licensed mortgage loan originator must complete at least how many hours of continuing education annually?

    Answer: 8 hours

    The SAFE Act requires state-licensed MLOs to complete at least 8 hours of approved continuing education each year, covering federal law, ethics, and loan products.

  4. Under FCRA, a credit bureau must investigate and respond to a consumer's dispute of credit report information within:

    Answer: 30 days

    FCRA requires credit bureaus to complete their investigation of a consumer dispute within 30 days, extended to 45 days if the consumer provides additional information.

  5. The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to:

    Answer: Provide annual privacy notices and opt-out rights for sharing with non-affiliated third parties

    GLBA requires financial institutions to provide annual privacy notices disclosing their information-sharing practices and give customers the right to opt out of sharing with non-affiliated third parties.

  6. A financial institution that detects suspicious activity must file a Suspicious Activity Report (SAR) with FinCEN within:

    Answer: 30 calendar days

    SARs must be filed within 30 calendar days of detecting suspicious activity, extendable to 60 days if needed to identify a suspect.

  7. Under FCRA's adverse action rules, when a lender denies credit based in whole or in part on a consumer report, the lender must:

    Answer: Notify the consumer and identify the consumer reporting agency that provided the report

    FCRA requires the creditor to send an adverse action notice that includes the name, address, and phone number of the consumer reporting agency used.