Part I: Compliance Supervision And Examination
8 Questions
| Total Attempts: 31
Section: Compliance Management Review Heading: General Principles and Introduction Pages: CMR 1 - 13
Questions and Answers
- 1.Supervised entities within the scope of CFPB’s supervision and enforcement authority include: check correct answer(s)
- A.
Credit Unions
- B.
Banks
- C.
Non Banks
- D.
FHA/VA
- 2.Weaknesses in compliance management systems can result in violations of law or regulation and associated harm to consumers.
- A.
True
- B.
False
- 3.To maintain legal compliance, a supervised entity must develop and maintain a sound compliance management system that is integrated into the overall framework for product design, delivery, and administration — that is, the loan origination process is the only concern of CFPB.
- A.
True
- B.
False
- 4.Each CFPB examination will include review and testing of components of the supervised entity’s compliance management system. An initial review will help determine the scope and intensity of an examination. The findings of more detailed reviews and transaction testing will determine the effectiveness of the compliance management system and whether enhancements or corrective actions are appropriate.
- A.
True
- B.
False
- 5.A compliance management system is how a supervised entity: check the correct answer(s)
- A.
Establishes its compliance responsibilities
- B.
Reviews operations to ensure responsibilities are carried out and legal requirements are met
- C.
Communicates those responsibilities to employees
- D.
Works with the Quality Control company
- E.
Ensures that responsibilities for meeting legal requirements and internal policies are incorporated into business processes
- F.
Takes corrective action and updates tools, systems, and materials as necessary
- 6.An effective compliance management system commonly has four interdependent control components: check correct answer (s)
- A.
Board and management oversight
- B.
Third Party Quality Control review
- C.
Compliance program;
- D.
Response to consumer complaints;
- E.
Compliance audit.
- 7.A sound compliance program is essential to the efficient and successful operation of the supervised entity, much as a business plan. A compliance program includes the following components: Policies and Procedures, Training and _____________________
- 8.An effective compliance management system should ensure that a supervised entity is responsive and responsible in handling consumer complaints and inquiries. Intelligence gathered from consumer contacts should be organized, retained, and used as part of an institution’s compliance management system
- A.
True
- B.
False
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