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Quiz about U S Banking Regulations by the Letters

U. S. Banking Regulations by the Letters Quiz

The world of banking has many alphabetical regulations. A few extras that are not alphabetical are thrown in the mix to make it a little more interesting.

A multiple-choice quiz by lynnstigger. Estimated time: 4 mins.

Author
lynnstigger

Time
4 mins

Type
Multiple Choice

Quiz #
318,523

Updated
Apr 13 23

# Qns
10

Difficulty
Average

Avg Score
6 / 10

Plays
342

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Which act details the deterrence and punishment of terrorists? Hint

Community Reinvestment Act

The U. S. Patriot Act

Bank Secrecy Act

Truth in Lending Act

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Question 2 of 10

2. Regulation Z covers which regulation? Hint

Regulation BB

Regulation C

Truth in Lending Act

Regulation E

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Question 3 of 10

3. The regulation that covers the consumers procedures for complaints is which one of the following regulations? Hint

Regulation E

Regulation C

Regulation AA

Regulation Q

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Question 4 of 10

4. Regulation B regulates which of the following? Hint

Availability of credit to credit worthy applicants.

Expedited funds availability.

Provide the public with loan data.

Limit the risks of depositors due to failed institutions.

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Question 5 of 10

5. The credit needs of a community, including low to moderate income neighborhoods is established by which regulation? Hint

Regulation BB

Regulation X

Regulation A

Regulation T

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Question 6 of 10

6. The Electronic Funds Transfer Act is covered by which Regulation? Hint

Regulation E

Bank Secrecy Act

Regulation A

Regulation BB

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Question 7 of 10

7. The first anti-money laundering act was passed in 1970. Which act covers anti-money laundering? Hint

Regulation M

Bank Secrecy Act (BSA)

Regulation T

Regulation G

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Question 8 of 10

8. Deposits at financial institutions are covered by what entity? Hint

FDIC (Federal Deposit Insurance Corporation)

Farmers Insurance Group

SIPC (Securities Investor Protection Corporation)

Financial Guarantee Insurance Company

9. When consumers are looking for information on savings accounts and are shopping around, which regulation is the Truth in Savings Act that governs the disclosures institutions are required to provide? Hint

Regulation C

Regulation T

Regulation Z

Regulation DD

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Question 10 of 10

10. The SCRA stands for what? Hint

Simplified Creative Registry Act

Servicemembers Civil Relief Act

Single Credit Response Act

Separate Credit Revolving Act

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Quiz Answer Key and Fun Facts

1. Which act details the deterrence and punishment of terrorists?

Answer: The U. S. Patriot Act

This acronym stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.

2. Regulation Z covers which regulation?

Answer: Truth in Lending Act

Regulation Z is designed to help the consumer "shop" for the best credit and loans available. Banks and lending institutions must give full disclosure to their customers about terms and costs.

3. The regulation that covers the consumers procedures for complaints is which one of the following regulations?

Answer: Regulation AA

The complaint should be in writing, include the act or practice that is thought to be unfair, the name of the bank and address, and the name and address of the person submitting the complaint.

4. Regulation B regulates which of the following?

Answer: Availability of credit to credit worthy applicants.

Regulation B provides availability of credit to people who qualify without regard to race, religion, color, national origin, sex, marital status or age.

5. The credit needs of a community, including low to moderate income neighborhoods is established by which regulation?

Answer: Regulation BB

The Community Reinvestment Act was enacted to ensure that financial institutions are properly investing in their communities within the bounds of sound judgment with their loans.

6. The Electronic Funds Transfer Act is covered by which Regulation?

Answer: Regulation E

Regulation E protects the consumers who use Electronic Funds Transfers. It establishes the rights, liabilities and responsibilities of customers who deal with financial institutions that offer electronic transactions.

7. The first anti-money laundering act was passed in 1970. Which act covers anti-money laundering?

Answer: Bank Secrecy Act (BSA)

The Bank Secrecy Act requires financial institutions to report any suspicious activity and large currency transactions. They are required to keep these records.

8. Deposits at financial institutions are covered by what entity?

Answer: FDIC (Federal Deposit Insurance Corporation)

The FDIC provides insurance up to $250,000 on deposits at financial institutions. It guarantees the safety of deposits at its member banks.

Answer: Regulation DD

Financial institutions are required to provide full disclosure to customers and potential customers regarding accounts so that they can make an informed decision regarding their money.

10. The SCRA stands for what?

Answer: Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act was enacted in 1940 to give relief to members of the armed forces while they are on duty in foreign countries. It provides for temporary suspension of adverse judicial and administrative transactions that could negatively impact service personnel while they are serving our country.

Source: Author lynnstigger

This quiz was reviewed by FunTrivia editor trident before going online.
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