Compliance Oversight Agencies Flashcards

Which agency enforces the Bank Secrecy Act (BSA) and oversees anti-money laundering compliance for financial institutions?

Answer: FinCEN

FinCEN (Financial Crimes Enforcement Network) administers and enforces the BSA, requiring financial institutions to maintain AML programs.

The Office of Foreign Assets Control (OFAC) operates under which federal department?

Answer: Department of the Treasury

OFAC is a division of the U.S. Department of the Treasury responsible for administering economic and trade sanctions.

Which agency has primary examination authority over federally chartered credit unions?

Answer: NCUA

The National Credit Union Administration (NCUA) charters, insures, and supervises federal credit unions.

A compliance officer discovers their firm's swap dealer is not properly reporting to a swap data repository. Which regulator should they notify first?

Answer: CFTC

The CFTC regulates swap dealers and mandates swap data repository reporting under Dodd-Frank.

Which body issues the Uniform Standards of Professional Appraisal Practice (USPAP), which appraisers must follow under federal financial institution regulations?

Answer: The Appraisal Foundation

The Appraisal Foundation, authorized by FIRREA, issues USPAP and sets minimum qualification criteria for appraisers.

Which agency enforces the Equal Credit Opportunity Act (ECOA) for non-bank mortgage lenders?

Answer: CFPB

The CFPB has enforcement authority over ECOA for non-depository mortgage lenders and other non-bank financial entities.

The Financial Industry Regulatory Authority (FINRA) derives its authority primarily from which source?

Answer: SEC oversight and delegation

FINRA is a self-regulatory organization (SRO) operating under SEC oversight, not directly created by Congress.