2023 Compliance Review | Compliance Alliance

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Question 1 of 10

1. Question
1. What are the asset size thresholds for the new CRA final rule on April 1, 2024?
A. Banks will continue to adhere to the current asset size thresholds.
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B. Banks will follow the new asset size thresholds.
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C. All banks will be military or limited purpose until January 1, 2026.
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D. None of the above.
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Question 2 of 10

2. Question

2. What is a military bank under the new CRA final rule?

A. A bank that exclusively serves members of the military, but not dependents.
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B. A bank whose business predominantly focuses on military personnel and dependents.
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C. A bank whose least important customer group is military personnel.
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D. A bank that exclusively serves members of the military and their dependents
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Question 3 of 10

3. Question

3. (True/False) The CFPB states that re-opening a closed account to collect charged off amounts is absolutely prohibited under a UDAAP lens.

A. True
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B. False
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Question 4 of 10

4. Question

4. FinCEN’s BOSS stands for:

A. Beneficial Ownership System Source
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B. Binary Organizations System Sensing
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C. Beneficial Ownership Secure System
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D. Beliefs Of Simple Sinuses
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Question 5 of 10

5. Question

5. UCC Article 12 was created in 2022 by the Uniform Law Commission to:

A. Secure digital assets.
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B. Make sense of cryptocurrency.
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C. Provide specific rules for Controllable Electronic Records.
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D. Create default rules to govern transactions involving new technologies
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Question 6 of 10

6. Question

6. Banks must request approval to engage in cryptocurrency activities from:

A. Only their state regulator.
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B. Only the CFPB.
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C. Only the FDIC.
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D. Their primary federal regulator.
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Question 7 of 10

7. Question

7. Once Section 1033 rules are finalized, banks with assets under $850 million are expected to comply with the rules within __________ years of the final rule being published in the Federal Register.

A. Four Years
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B. Five Years
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C. Half a Year
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D. Seven Years
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Question 8 of 10

8. Question

8. The current US Supreme Court case involving the CFPB will determine whether Section 1071 final rule can be implemented.

A. It’s not yet known exactly how the Supreme Court’s decision will affect the Section 1071 final rule.
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B. If the CFPB funding structure is ruled unconstitutional, we won’t have to follow any CFPB regulations.
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C. The Supreme Court case has absolutely no impact on existing regulations.
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D. It’s not related to Section 1071 – it covers Section 1033.
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Question 9 of 10

9. Question

9. If the U.S. Department of Labor Wage & Hour Division’s proposed rule on administrative employee exemptions is finalized, the new annual salary exemption threshold for this type of worker will be $_________.

A. 150% of the local poverty rate
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B. $15,956 per year
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C. $55,068 per year
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D. $15 per hour
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Question 10 of 10

10. Question

10. Which of the following clauses should the bank’s third-party contracts typically contain?

A. Security Incident Notification Clause
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B. Termination Clause
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C. Privacy & Confidentiality Clause
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D. All of the above.
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