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Question 21

Requirements---12 CFR 202.2, 202.4, 202.5, 202.6, and 202.13 say that a creditor may not request information about an application's race, color, religion, national origin, or gender except as specifically permitted by ____________or another statute such as the Home Mortgage Disclosure Act.

Regulation B

Regulation U

Regulation Z

Regulation A

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Question 22

To be effective, compliance risk management professionals must design a framework to ensure that bank management understands the risks and the steps that must be taken to mitigate them. The many roles compliance professionals fill incorporate risk management aspects including:

Coordinating regulatory exams to explain risks to examiners

Overseeing compliance training targeting higher risk areas

Tracking regulatory proposals and final rules to understand new risks

All of these

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Question 23

They also embrace the concept of risk-based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial services, simple or complex products lines, and adjusted as appropriate for the customer base as that issued for the Bank Secrecy Act, also establishes their expectations that a bank's program be risk based. Who are they?

Outsourcing firms

Foreign financial service providers

Bank regulatory agencies

Risk management organizations

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Question 24

A compliance professional's responsibilities include all of the following EXCEPT:

Understanding the business units operating environment and risk tolerance

Performing risk assessments with the assistance of business units to determine current risk levels and risks associated with the bank's products, lines of business, customers, and locations, among other factors

Working with business units to ensure prompt corrective action for any detected errors

Assisting business lines with compliance training for employees, as needed

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Question 25

______________ should include basic elements designed to understand and mitigate risk. It usually includes:

Written program

Compliance-related policies and procedures

Tactical Compliance procedure

Rank solution

Compliance program

None of these

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Question 26

In a compliance program, tactical compliance procedures should be integrated into business line procedures, such as how to deliver an Adverse Action Notice when an application is declined. In this case:

Regulations should be applied consistently to procedures throughout the bank

Revisions to procedures should be based on compliance expertise and not mere editing

Providing solutions to mitigate any identified risk

Assisting business units in developing or revising policies and procedures to reflect current regulatory requirements

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Question 27

Which of the following should be done during research and interpreting regulations Compliance professionals in mitigating compliance risk?

Track regulatory proposals

Implementing final regulatory rules

Understanding the business units' operating environment and risk tolerance

Ranking solutions as high, moderate and low risk

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Question 28

The compliance program should address plans to verify adherence to applicable regulations through:

Ongoing monitoring to evaluate the program, self monitoring and corrective action

Self monitoring

Periodic reviews

Ongoing monitoring to evaluate the program, self monitoring and periodic reviews

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Question 29

There is no established template for documenting compliance risk. Each institution should develop a risk assessment that fits its risk profile. The components that are commonly used throughout the industry are as follows EXCEPT:

Risk assessment

Measuring key risk indicators

Identifying key performance indicators

Training the leadership of compliance regulation program

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Question 30

In Compliance regulation and risk assessment key performance indicators usually include:

Fines or penalties

Customer complaints

Regulatory criticism from a regulator or internal or external auditors

None of these

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Question 21 (0)

Requirements---12 CFR 202.2, 202.4, 202.5, 202.6, and 202.13 say that a creditor may not request information about an application's race, color, religion, national origin, or gender except as specif

Question 22 (0)

To be effective, compliance risk management professionals must design a framework to ensure that bank management understands the risks and the steps that must be taken to mitigate them. The many rol

Question 23 (0)

They also embrace the concept of risk-based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial servic

Question 24 (0)

A compliance professional's responsibilities include all of the following EXCEPT:

Question 25 (0)

______________ should include basic elements designed to understand and mitigate risk. It usually includes: Written program Compliance-related policies and procedures

Question 26 (0)

In a compliance program, tactical compliance procedures should be integrated into business line procedures, such as how to deliver an Adverse Action Notice when an application is declined. In this c

Question 27 (0)

Which of the following should be done during research and interpreting regulations Compliance professionals in mitigating compliance risk?

Question 28 (0)

The compliance program should address plans to verify adherence to applicable regulations through:

Question 29 (0)

There is no established template for documenting compliance risk. Each institution should develop a risk assessment that fits its risk profile. The components that are commonly used throughout the i

Question 30 (0)

In Compliance regulation and risk assessment key performance indicators usually include:

Related questions

Which of the following actions is acceptable under the financial reporting regulations?

Under the ADA, what can an employer do?

Examples of unfair practices mentioned in guidelines against Predatory and Abusive Lending includes loan flipping and loan equity stripping. It is said that:

Federal regulations define special-purpose credit-12 CFR 202.8 to include:

Under Consumer Leasing Act Enforcement-15 USC 1667d section FIRREA penalties include:

Credit scoring systems:

This is a loan term or an arrangement that modifies a loan term under which a bank agrees to cancel all or part of a customer's loan obligation on the occurrence of a specified event. It may be included as a part of the loan documents, or it may be a separate agreement. What is it?

Country A (a foreign country that is boycotting Country B, another foreign country) has ordered goods from ABC, a U.S. corporation. Country A has opened a letter of credit with Overseas, Inc. , a foreign bank. The letter of credit specifies that ABC must certify that it does not do business with Country B. Overseas, InC. , sends a telegram to First National Bank, a U.S. bank, stating the major terms and conditions of the letter of credit and asking First National Bank to confirm the letter of credit. The telegram does not state the boycott provisions. Overseas mails the letter of credit to First National Bank and asks First National Bank to confirm it. What may First National Bank do?

_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?

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