Practice Test Geeks(CCT) Certified Compliance Technician Practice Test
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Key Federal Regulations Flashcards

7 cards from real CCT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Key Federal Regulations flashcards as text

  1. Under the Gramm-Leach-Bliley Act (GLBA), financial institutions must provide privacy notices to customers:

    Answer: At account opening and annually thereafter

    GLBA requires financial institutions to provide initial and annual privacy notices describing their information sharing practices.

  2. A Suspicious Activity Report (SAR) under the BSA must be filed within how many days of detecting suspicious activity?

    Answer: 30 days

    Financial institutions must file a SAR with FinCEN within 30 calendar days of detecting a suspicious transaction (60 days if no suspect is identified initially).

  3. Under the Fair Credit Reporting Act (FCRA), consumers have the right to receive one free credit report per year from each nationwide credit bureau under which program?

    Answer: AnnualCreditReport.com

    AnnualCreditReport.com is the FCRA-mandated centralized service where consumers can request one free report annually from Equifax, Experian, and TransUnion.

  4. The Military Lending Act (MLA) caps the Military Annual Percentage Rate (MAPR) for covered loans to active-duty servicemembers at:

    Answer: 36%

    The MLA limits the MAPR on covered consumer credit products extended to active-duty servicemembers and their dependents to 36%.

  5. Which regulation implements the Truth in Savings Act (TISA) for depository institutions?

    Answer: Regulation DD

    Regulation DD implements TISA, requiring depository institutions to disclose account terms and conditions including interest rates and fees.

  6. Under the Real Estate Settlement Procedures Act (RESPA), a 'kickback' or fee-splitting arrangement for referrals of settlement services is:

    Answer: Prohibited regardless of disclosure

    RESPA Section 8 prohibits kickbacks and unearned fee-splitting in residential real estate transactions regardless of disclosure.

  7. The Dodd-Frank Act's Volcker Rule primarily prohibits banks from:

    Answer: Engaging in proprietary trading and owning hedge funds

    The Volcker Rule prohibits insured depository institutions and their affiliates from engaging in short-term proprietary trading and from owning or sponsoring hedge funds.