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APRP > Regulatory Environment > Flashcards

Regulatory Environment Flashcards

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1
Q

What guidance does OCC Bulletin 2013-29 Risk Management Guidance on Third-Party Relationship provide?

A

It provides guidance to national banks and federal savings associations for assessing and managing risks associated with third-party relationships

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2
Q

What is an electronic fund transfer (EFT)?

A

Any transfer of funds that is initiated through an electronic terminal, telephone, computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account

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3
Q

What is an electronically created item (ECI)?

A

An electronic image that has all the attributes of an electronic check or electronic returned check but was created electronically and not derived from a paper check

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4
Q

What is the Check Clearing for the 21st Century Act (Check 21)?

A

An Act defining a substitute check as the legal equivalent of the original check

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5
Q

What is the Dodd-Frank Act?

A

An Act initiating a broad range of reforms affecting nearly every aspect of the financial system in an attempt to prevent of a repeat of the 2008 crisis. Establishes the Consumer Financial Protection Bureau (CFPB)

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6
Q

What is Financial Crimes Enforcement Network (FinCEN)?

A

A bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes

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7
Q

What is the Gramm-Leach-Bliley Act (GLBA)?

A

An Act that requires financial institutions to explain how they share and protect their customer’s private information

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8
Q

What is the PCI Security Standard Council?

A

A governing body, representing key participants of the payment card industry, which establish and maintains security standards for payment cards

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9
Q

What is a suspicious activity report?

A

A reporting tool provided under BSA for monitoring activity that gives rise to a suspicion that the account holder is attempting to hide something or participate in an illegal transaction

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10
Q

What is the Bank Secrecy Act (BSA)?

A

An Act that requires U.S. financial institutions to collaborate with the U.S. government in cases of suspected money laundering and fraud

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11
Q

What is the Committee of Sponsoring Organizations of the Treadway Commission (COSO)?

A

A private sector initiative established by five financial professional associations, dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal controls, and fraud deterrence

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12
Q

What is the E-Sign Act?

A

An Act facilitating the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered into electronically

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13
Q

What is the Expedited Funds Availability Act (EFAA)?

A

An Act requiring depositary institutions make funds deposited into transaction accounts available according to specified time schedules

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14
Q

What is the Green Book?

A

A comprehensive guide for financial institutions that receive ACH payments from and send to the federal government

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15
Q

What is the Office of Foreign Assets Control (OFAC)?

A

An office of the US Treasury that administers and enforces economic and trade sanctions based on U.S. Foreign policy and national security goals

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16
Q

What is Regulation E?

A

Regulation establishing the rights, liabilities, and responsibilities of parties to electronic fund transfers and protects consumers when they use such systems

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17
Q

What is Regulation GG?

A

Regulation prohibiting any person, including a business, engaged in the business of betting or wagering from knowingly accepting payments in connection with unlawful internet gambling

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18
Q

What is Regulation II?

A

Regulation establishing standards for assessing whether a debit card interchange fee received by a debit card issuer is reasonable and proportional to the costs incurred by the issuer with respect to the transaction

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19
Q

What is Regulation J?

A

Regulation governing Federal Reserve Bank processing of checks, wires, and FedNow

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20
Q

What is Regulation P?

A

Regulation that requires certain financial institutions to provide notice to customers about its privacy policies and practices of nonpublic personal information about consumers by financial institutions for which the Bureau (CFPB) has primary supervisory authority

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21
Q

What is Regulation Z (Truth in Lending)?

A

Regulation to promote informed use of consumer credit by requiring disclosures about terms and cost

22
Q

What is USA PATRIOT ACT?

A

An Act that allows federal officials greater authority in tracking and intercepting communications both for purposes of law enforcement and foreign intelligence gathering

23
Q

What do the ECCHO rules govern?

A

ECCHO rules are private sector governance for check image exchange

24
Q

What do the Nacha Operating Rules and Guidelines govern?

A

Nacha Rules are private governance for the ACH network, outlining the responsibilities of network participants

25
Q

What does 12 CFR 208 govern?

A

State member banks and state banks applying for admission to membership in the federal reserve system

26
Q

What does 31 CFR 203 govern?

A

The processing of deposits and payments of federal tax payments by financial institutions

27
Q

What does 31 CFR 210 govern?

A

All entries and entry data originated or received by a federal agency through the Automated Clearing House (ACH) network, except those governed by 31 CFR 203 and 31 CFR 370

28
Q

What does 31 CFR 235 govern?

A

The issuance of settlement checks for forged checks drawn on designated depositaries

29
Q

What does 31 CFR 370 govern?

A

The transfer of funds through the automated clearing house (ACH) network in connection with United States securities

30
Q

What does FRB Operating Circular 1 govern?

A

The opening, maintaining, and terminating a master account with a Federal Reserve Bank

31
Q

What does FRB Operating Circular 3 govern?

A

The handling of cash items the Federal Reserve Bank accepts for forward collection and returned checks accepted for return

32
Q

What does FRB Operating Circular 4 govern?

A

The clearing and settlement of commercial automated clearing house (ACH) credit and debit items by the Federal Reserve Bank, sending banks, and receiving banks

33
Q

What does FRB Operating Circular 5 govern?

A

The electronic access to certain services and applications provided by a Federal Reserve Bank

34
Q

What does FRB Operating Circular 6 govern?

A

Funds transfers made through the Fedwire Funds Service

35
Q

What does FRB Operating Circular 7 govern?

A

The Federal Reserve Bank’s maintenance of securities accounts and transfers of book-entry securities

36
Q

What does FRB Operating Circular 8 govern?

A

FedNow participation

37
Q

What does the Federal Reserve Bank’s payments system risk policy (PSR) address?

A

The risks that payment systems present to the Federal Reserve Banks, the banking system, and to other sectors of the economy

38
Q

What does UCC Article 3 govern?

A

State law governing negotiable instruments

39
Q

What does UCC Article 4 govern?

A

State law governing the handling of an instrument or a promise or order to pay money handled by a bank for the purposes or presentment, payment, or collection

40
Q

What does UCC Article 4A govern?

A

State law governing credit funds transfers not governed by Regulation E

41
Q

What are the three pillars of Basel III?

A
  1. Minimum capital adequacy requirements
  2. Supervisory review
  3. Market discipline
42
Q

What guidance does OCC Bulletin 2006-39 Automated Clearing House Activities provide?

A

It provides guidance for national banks and their examiners on managing the risk of automated clearing house (ACH) activity

43
Q

What is Basel III?

A

A comprehensive set of reform measures to strengthen the regulation, supervision, and risk management of the banking sector, with a focus on large international banks

44
Q

What is the Electronic Fund Transfer Act (EFTA)?

A

An Act that establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer (EFT) services and of financial institutions that offer EFT services

45
Q

What is the minimum amount of capital required based on a percent of risk-weighted assets according to Basel III?

A

8% of total capital

46
Q

What is Regulation CC?

A

A regulation that governs funds availability, expedited returns, and implements the Check Clearing for the 21st Century Act (Check 21 Act) under Subpart D

47
Q

What is Regulation D?

A

A regulation that defines reserve requirements and identifies transaction and non-transaction accounts

48
Q

What is UDAAP?

A

Part of the Dodd-Frank Act that protects consumers from unfair, deceptive, or abusive banking practices

49
Q

What does 31 CFR 208 govern?

A

Code of Federal Regulations requiring individuals to elect an EFT option for the receipt of federal benefit payments

50
Q

Which Act requires proper disposal of media containing customer information?

A

Gramm-Leach-Bliley Act (GLB)

APRP (6 decks)

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