Compliance

BSA/USA Patriot Act

100

What does BSA stand for?

Bank Secrecy Act

200

The BSA is also known as what?

Anti-Money Laundering Laws 

300

What are the three requirements that were derived from the BSA?

CTRs, SARs, and MIL 

400

What is another name for the USA Patriot Act?

Anti-Terrorism Act 

500

In effort to stem the illegal cash through the system, this is called:  

Money Laundering 

CTRs/SARs

100

The amount that triggers a CTR?

$10,000.01

200

Name three transactions that can cause a CTR to generate?

Cash deposit, cash withdraw, exchanging cash, cash payments, cashing cashier's checks

300

What cannot be used in the occupation field on a CTR

Unemployed or Retired 

400

Check fraud, kitting checks, and structuring deposits to avoid filing a CTR are examples of what? 

SAR

500

CTRs have to be filed within a certain timeline. What is the fine the credit union is charged if the CTR fails to be completed within that timeline?

$10,000 a day until the report is complete 

Rules and Regulations/Acts Part 1

100

Who is the credit union's compliance and privacy officer?

Maretta Tidwell

200

What regulation requires a disclosure on our credit cards about terms and costs?

Regulation Z or Truth in Lending 

300

When doing a loan application you are not allowed to ask martial status or request any information about the spouse. This is mentioned in which regulation?

Regulation B 

400

• Joe Grubb brings in a check for $16,000 dollars. He has $25.00 in his account and he has had returned checks before. We have reasonable cause to doubt collectability on the check so we put a hold on the whole check, including the $200. What regulation allows this?

Regulation CC 

500

What is the main purpose of Reg B?

To prevent discrimination in extending credit. 

Rules and Regulations/Acts Part 2

100

Who implements the Truth in Savings Act?

NCUA 

200

When doing a loan application you are not allowed to ask martial status or request any information about the spouse. This is mentioned in which regulation?

Equal Credit Opportunity Act 

300

A member ask questions regarding opening an account. What are you required to provide the potential member?

Savings Disclosure (according to the truth in savings act) 

400

Regulation CC gives five reasons for exception holds, please give two examples?

Large Deposit, Re-deposited Checks, Repeat Overdraft, Reasonable Cause to Doubt Collectability, Emergency Conditions, New account. 

500

If someone is denied for a loan, what must the credit union provide in writing?

Adverse Action 

Membership

100

 Name two records the Credit Union is authorized to report to the credit bureau.

Late Payments. Missed Payments, Charged Off accounts/NSF activity

200

At what age can a child conduct business on their own behalf?

There is no age restrictions.

300

What is the contract between the member and ORNL Federal Credit Union?

The membership agreement

400

 A Payable on Death beneficiary designation shall not apply to which type of account that is governed by a separate account agreement an beneficiary agreement?

Individual Retirement Accounts (IRAs) 

500

What two fundamental rights does the membership agreement give a member?

The right to have a share account and the right to vote in the Board of Directors election.