Key Federal Regulations Flashcards

The Sarbanes-Oxley Act (SOX) Section 302 requires which corporate officers to certify financial reports?

Answer: CEO and CFO

SOX Section 302 requires the CEO and CFO to personally certify the accuracy and completeness of financial statements filed with the SEC.

Under HIPAA, a 'covered entity' includes all of the following EXCEPT:

Answer: Law firms that advise hospitals

Law firms that advise healthcare entities are business associates, not covered entities; covered entities are providers, health plans, and clearinghouses.

Which section of the USA PATRIOT Act expanded BSA requirements to include customer due diligence and beneficial ownership identification?

Answer: Section 326

Section 326 of the USA PATRIOT Act requires financial institutions to implement minimum customer identification procedures.

The Fair Debt Collection Practices Act (FDCPA) applies primarily to:

Answer: Third-party debt collectors

The FDCPA primarily regulates third-party debt collectors who collect debts owed to another party, not original creditors collecting their own debts.

Under the Electronic Funds Transfer Act (EFTA), what is the consumer's maximum liability for unauthorized transfers if reported within 2 business days?

Answer: $50

If a consumer reports an unauthorized EFT within 2 business days, their maximum liability is limited to $50 under EFTA.

The Community Reinvestment Act (CRA) was enacted to address which practice?

Answer: Redlining and disinvestment in low-income communities

CRA was passed in 1977 to encourage depository institutions to meet the credit needs of all communities they serve, particularly LMI areas historically denied access.

Which federal agency is the primary regulator for national banks and federal savings associations?

Answer: Office of the Comptroller of the Currency (OCC)

The OCC charters, regulates, and supervises national banks and federal savings associations as their primary prudential regulator.