Rules & Regulations Flashcards
32%
What is the Administrative Return Rate Level?
3%
What SEC Code adopts the BSA’s “Travel Rule?”
IAT
An Originator of this SEC Code is required to conduct an annual IT audit.
WEB debit
How long must an Originator retain the authorization for a PPD Entry?
2 years from the termination or revocation of the authorization
What is the maximum timeframe in which a report of possible Rules violation must be submitted?
Within 90 days of the alleged Rules violation
What is included in an authorization for a commercial POP Entry?
Notice provided to Receiver by the Originator at the point of purchase and written authorization signed by the Receiver.
What is the number of days a financial institution has to complete its investigation of an alleged error before it is required to provide provisional credit to the consumer, according to Regulation E?
10 business days
WEB Entriesare subject to the requirements of this Regulation.
Regulation E
Which ACH applications require the Originator to use a MICR reading device to capture the Receiver’s banking information from the MICR line of the Eligible Source Document?
ARC, BOC, and POP
What is the Unauthorized Entry Return Rate?
0.50%
What is the amount of time a Participating Depository Financial Institution must retain all Records?
6 years from the date the Entry was Transmitted unless specified otherwise
What transactions are governed by UCC4A?
Commercial wholesale credits, including CCD / CTX credits, wire transfers, FedNow, and RTP transactions
What governs the clearing and settlement of ACH items by the FRB, ODFIs, and RDFIs?
FRB OC4
What governs the use of EFTs for processing federal tax payments through EFTPS?
Title 31 of the Code of Federal Regulations (CFR) Part 203
What governs the handling of payments for the Bureau of Public Debt made through the ACH Network?
Title 31 of the Code of Federal Regulations (CFR) Part 370
Who establishes federal government ACH policy?
Bureau of Fiscal Service
Which regulation requires consumers be able to “comparison shop” for credit by requiring disclosures about terms and cost?
Regulation Z
What is the fee paid by an ODFI to the corresponding RDFI for a Same Day Entry?
Same Day Entry fee
What are the SEC Codes that require information on the terminal location, terminal city, and the terminal state to be disclosed on the consumer Receiver’s periodic statement?
MTE, POS, and SHR
What regulation governs wire transfers through the FRB?
Regulation J
What SEC Code applies to Entries initiated by a consumer Originator to a Consumer Account of the Receiver based on any form of authorization that is communicated from the Receiver to the Originator via the Internet or a Wireless Network?
Credit WEB Entry
Which ANSI transaction set is used for Transmitting a healthcare claim payment / advice?
ASC X12 835
What is designated as UCC 4A choice of law unless otherwise stated in an agreement?
State of New York
What entity that may provide a written interpretation of the ACH Rules?
Nacha Board of Directors