FREE CCE Legal & Regulatory Compliance Questions and Answers

Question 1

Which U.S. law prohibits discrimination in credit transactions?

Accepted Answer

Equal Credit Opportunity Act (ECOA)

Answer

Dodd-Frank Act

Answer

Sarbanes-Oxley Act

Answer

Fair Debt Collection Practices Act

Question 2

What is the purpose of the Bank Secrecy Act (BSA)?

Accepted Answer

To combat money laundering through reporting requirements

Answer

To hide customer transactions from regulators

Answer

To eliminate credit checks for small loans

Answer

To standardize interest rates nationwide

Question 3

Which regulation mandates disclosure of credit terms to consumers?

Accepted Answer

Truth in Lending Act (TILA)

Answer

Fair Credit Reporting Act

Answer

Gramm-Leach-Bliley Act

Answer

Community Reinvestment Act

Question 4

What does the Fair Credit Reporting Act (FCRA) govern?

Accepted Answer

Collection and use of consumer credit data

Answer

Stock market trading practices

Answer

International trade agreements

Answer

Bank merger approvals

Question 5

Which agency enforces the Consumer Financial Protection Bureau (CFPB) regulations?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

Federal Trade Commission (FTC)

Answer

Securities and Exchange Commission (SEC)

Answer

Federal Reserve

Question 6

What is a key requirement of the USA PATRIOT Act for financial institutions?

Accepted Answer

Implementing anti-money laundering (AML) programs

Answer

Offering free credit reports monthly

Answer

Eliminating overdraft fees

Answer

Providing zero-interest loans

Question 7

Which law protects consumers from abusive debt collection practices?

Accepted Answer

Fair Debt Collection Practices Act (FDCPA)

Answer

Fair Credit Billing Act

Answer

Credit CARD Act

Answer

Dodd-Frank Act

Question 8

What is the role of the Office of the Comptroller of the Currency (OCC)?

Accepted Answer

Supervising national banks for compliance

Answer

Issuing credit scores to consumers

Answer

Setting international trade tariffs

Answer

Managing stock exchanges

Question 9

Which regulation requires banks to reinvest in their local communities?

Accepted Answer

Community Reinvestment Act (CRA)

Answer

Glass-Steagall Act

Answer

Volcker Rule

Answer

Basel III Accord