Dear Readers,
Question 1: What is the main regulatory body overseeing banks in the United States?
(1) Federal Reserve
(2) World Bank
(3) International Monetary Fund (IMF)
(4) Securities and Exchange Commission (SEC)
(5) European Central Bank (ECB)
Ans: (1)
Question 2: What is the purpose of the Bank Secrecy Act (BSA)?
(1) Regulate interest rates on savings accounts
(2) Prevent money laundering and financial crimes
(3) Establish capital requirements for banks
(4) Control foreign exchange transactions
(5) Determine loan eligibility criteria
Ans: (2)
Question 3: Which law regulates electronic funds transfers and provides consumer protections?
(1) Dodd-Frank Wall Street Reform and Consumer Protection Act
(2) Glass-Steagall Act
(3) Electronic Fund Transfer Act (EFTA)
(4) Sarbanes-Oxley Act
(5) Gramm-Leach-Bliley Act
Ans: (3)
Question 4: What is the main purpose of the Truth in Savings Act (TISA)?
(1) Regulate credit card transactions
(2) Ensure fair lending practices
(3) Regulate interest rates on loans
(4) Provide disclosures about deposit accounts to consumers
(5) Regulate foreign exchange transactions
Ans: (4)
Question 5: Which act repealed the Glass-Steagall Act and allowed commercial banks to engage in investment banking activities?
(1) Dodd-Frank Wall Street Reform and Consumer Protection Act
(2) Sarbanes-Oxley Act
(3) Gramm-Leach-Bliley Act
(4) Bank Holding Company Act
(5) Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)
Ans: (3)
Question 6: Which law is aimed at preventing discrimination in lending based on race, color, religion, national origin, sex, marital status, or age?
(1) Equal Credit Opportunity Act (ECOA)
(2) Fair Debt Collection Practices Act (FDCPA)
(3) Fair Credit Reporting Act (FCRA)
(4) Community Reinvestment Act (CRA)
(5) Home Mortgage Disclosure Act (HMDA)
Ans: (1)
Question 7: What entity insures deposits in most U.S. banks up to a certain limit?
(1) Securities and Exchange Commission (SEC)
(2) Federal Reserve
(3) Federal Deposit Insurance Corporation (FDIC)
(4) Office of the Comptroller of the Currency (OCC)
(5) Consumer Financial Protection Bureau (CFPB)
Ans: (3)
Question 8: What is the primary goal of the Basel Committee on Banking Supervision?
(1) Facilitate international trade agreements
(2) Promote global economic growth
(3) Ensure fair competition among banks
(4) Develop international banking standards and regulations
(5) Monitor exchange rates
Ans: (4)
Question 9:What law mandates that banks must report cash transactions over $10,000 to the U.S. Department of the Treasury?
(1) Dodd-Frank Wall Street Reform and Consumer Protection Act
(2) Currency and Foreign Transactions Reporting Act (Bank Secrecy Act)
(3) Bank Holding Company Act
(4) Foreign Corrupt Practices Act (FCPA)
(5) Gramm-Leach-Bliley Act
Ans: (2)
Question 10: What is the process by which a bank takes ownership of a property when a borrower fails to make mortgage payments?
(1) Insolvency
(2) Bankruptcy
(3) Foreclosure
(4) Repossession
(5) Forfeiture
Ans: (3)
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MAHENDRA GURU