Free APRP Regulatory Environment Questions and Answers

Question 1

Which regulation primarily governs the rights and responsibilities of parties involved in electronic funds transfers in the united States?

Accepted Answer

Regulation E

Answer

Regulation CC

Answer

Regulation Z

Answer

Regulation D

Question 2

The Bank Secrecy Act (BSA) requires financial instructions to:

Accepted Answer

Report any cash transactions over $10,000.

Answer

Limit the amount of cash withdrawals per day.

Answer

Perform credit checks on all account holders

Answer

Disclose customer information to third parties.

Question 3

Which of the following is a requirement under the USA PATRIOT Act for financial institutions?

Accepted Answer

Implementing a Customer Identification Program (CIP).

Answer

Setting a fixed interest rate on all loans.

Answer

Limiting international wire transfers to $5,000.

Answer

Mandating two-factor authentication for all online transactions.

Question 4

The Office of Foreign Assets Control (OFAC) is responsible for:

Accepted Answer

Administering and enforcing economic and trade sanctions.

Answer

Regulating the issuance of credit cards.

Answer

Monitoring stock market transactions.

Answer

Overseeing the Federal Reserve's monetary policies.

Question 5

What is the primary purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?

Accepted Answer

To increase oversight and prevent excessive risk-taking in the financial industry.

Answer

To regulate the amount of interest financial institutions can change on loans.

Answer

To set limits on the number of checking accounts a bank can offer.

Answer

To establish guidelines for online banking security protocols.