Regulatory Compliance Training Trivia Quiz! Test

1.

The compliance deadline for Regulation CC changes that created one check processing region was:
- A.
  
  January 1, 2010
- B.
  
  April 1, 2010
- C.
  
  February 26, 2010
- D.
  
  June 26, 2010
Correct Answer
C. February 26, 2010

Explanation
The correct answer is February 26, 2010. This date marks the compliance deadline for the Regulation CC changes that established one check processing region. It implies that by this date, banks and financial institutions were required to implement the necessary changes to comply with the new regulation.

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2.

TRUE or FALSE.Through Community First Bank and Trust's Customer Identification Program, you are able to provide a Post Office Box as an acceptable form of address for a customer.
- A.
  
  TRUE
- B.
  
  FALSE
Correct Answer
B. FALSE

Explanation
False, You MUST provide a PHYSICAL street address for CIP purposes.

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3.

If a Business/Commercial customer is assessed a risk rating score of +15 to +29 they are considered to be:
- A.
  
  Low Risk
- B.
  
  Moderate Risk
- C.
  
  High Risk
- D.
  
  Extreme Risk
Correct Answer
C. High Risk

Explanation
A Business/Commercial customer assessed with a risk rating score of +15 to +29 is considered to be high risk. This indicates that the customer has a significant level of risk associated with their business operations or financial stability. It suggests that there is a higher likelihood of potential losses or default on any financial obligations. Therefore, caution should be exercised when dealing with such customers to mitigate potential risks.

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4.

If a loan is classified as a Higher Priced Mortgage Loan, the customer is REQUIRED to:
- A.
  
  Close the loan.
- B.
  
  Escrow taxes and insurance.
- C.
  
  File a complaint.
- D.
  
  Sign a waiver.
Correct Answer
B. Escrow taxes and insurance.

Explanation
If a loan is classified as a Higher Priced Mortgage Loan, the customer is required to escrow taxes and insurance. This means that the customer must set aside a portion of their monthly mortgage payment to cover these expenses, which will be paid by the lender on their behalf. This requirement is in place to protect both the borrower and the lender, ensuring that these essential payments are made on time.

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5.

The two regulations mentioned in the Advertising Compliance section of the training material are:
- A.
  
  Regulation A and B.
- B.
  
  Regulation C and CC.
- C.
  
  Regulation Z and X.
- D.
  
  Regulation D and Q.
Correct Answer
D. Regulation D and Q.

Explanation
The correct answer is Regulation D and Q. This is because the question asks for the two regulations mentioned in the Advertising Compliance section of the training material, and Regulation D and Q are the only options provided that fit this criteria.

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6.

CHOOSE THE BEST ANSWER.Individuals that excercise their rights under the American's with Disabilities Act shall not be:
- A.
  
  Retaliated against.
- B.
  
  Coerced.
- C.
  
  Intimidated.
- D.
  
  Threatened.
- E.
  
  All of the Above.
Correct Answer
E. All of the Above.

Explanation
They also shall not be harassed or interfered with.

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7.

The Fair Labor Standards Act establishes the following for workers in the private sector and in Federal, State, and Local Governments:
- A.
  
  Minimum wage, Overtime pay, Recordkeeping, Full-time and Part-time workers.
- B.
  
  Maximum wage, Vacation pay, Pay raises.
- C.
  
  Holiday pay, Severence pay, Sick pay.
- D.
  
  Premium pay for weekend or holiday work.
Correct Answer
A. Minimum wage, Overtime pay, Recordkeeping, Full-time and Part-time workers.

Explanation
The Fair Labor Standards Act establishes certain regulations and standards for workers in various sectors. These include the minimum wage that employers must pay to their employees, provisions for overtime pay when employees work beyond a certain number of hours, requirements for recordkeeping to ensure compliance with labor laws, and provisions for both full-time and part-time workers. The act does not cover maximum wage, vacation pay, pay raises, holiday pay, severance pay, sick pay, or premium pay for weekend or holiday work.

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8.

The Four Fair Lending Laws are:
- A.
  
  Bank Secrecy Act, Regulation C, Regulation A, Fair Labor Standards Act.
- B.
  
  Unfair Deceptive Acts and Practices, Servicemember's Civil Relief Act, Gramm-Leach-Bliley Act, Regulation Z
- C.
  
  Fair Housing Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, and Community Reinvestment Act
- D.
  
  None of the above.
Correct Answer
C. Fair Housing Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, and Community Reinvestment Act

Explanation
The correct answer is Fair Housing Act, Equal Credit Opportunity Act, Home Mortgage Disclosure Act, and Community Reinvestment Act. These four laws are all related to fair lending practices. The Fair Housing Act prohibits discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability. The Equal Credit Opportunity Act prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The Home Mortgage Disclosure Act requires lenders to collect and report data on mortgage lending practices to ensure fair lending. The Community Reinvestment Act promotes fair lending practices and requires banks to meet the credit needs of the communities in which they operate.

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9.

Community First Bank and Trust is examined as a(n) _____________________ for the Community Reinvestment Act examination.
- A.
  
  Small Bank
- B.
  
  Intermediate Small Bank
- C.
  
  Large Bank
- D.
  
  Mega Bank
Correct Answer
B. Intermediate Small Bank

Explanation
The given correct answer for this question is "Intermediate Small Bank". This means that Community First Bank and Trust falls under the category of an intermediate-sized bank for the Community Reinvestment Act examination. It is not a small bank, large bank, or mega bank, but rather falls in between these categories.

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10.

Minimal Security Devices are defined and addressed under the following Act:
- A.
  
  Bank Protection Act
- B.
  
  Bank Bribery Act
- C.
  
  Gramm-Leach-Bliley Act
- D.
  
  Code of Conduct/Ethics
Correct Answer
A. Bank Protection Act

Explanation
The Bank Protection Act is the correct answer because it specifically addresses and defines the requirements for minimal security devices in banks. This act is designed to ensure the safety and security of bank premises, employees, and customers by mandating the use of certain security measures such as alarms, surveillance systems, and secure vaults. The Act also outlines the penalties for non-compliance and provides guidelines for conducting security assessments and audits.

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Regulatory Compliance Training Trivia Quiz! Test

The compliance deadline for Regulation CC changes that created one check processing region was:

TRUE or FALSE.Through Community First Bank and Trust's Customer Identification Program, you are able to provide a Post Office Box as an acceptable form of address for a customer.

If a Business/Commercial customer is assessed a risk rating score of +15 to +29 they are considered to be:

If a loan is classified as a Higher Priced Mortgage Loan, the customer is REQUIRED to:

The two regulations mentioned in the Advertising Compliance section of the training material are:

CHOOSE THE BEST ANSWER.Individuals that excercise their rights under the American's with Disabilities Act shall not be:

The Fair Labor Standards Act establishes the following for workers in the private sector and in Federal, State, and Local Governments:

The Four Fair Lending Laws are:

Community First Bank and Trust is examined as a(n) _____________________ for the Community Reinvestment Act examination.

Minimal Security Devices are defined and addressed under the following Act: