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2024 Operations Compliance Triage Quiz

BOL Conferences

Question Title

1. The new Regulation CC adjustments for inflation effective July 1, 2025 are:

$300, $5,950

$250, $6,600

$275, $6,500

$275, $6,725

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2. FDIC insurance combines all trust April 1, 2024, coverage which includes:

POD/ITF

Revocable Trusts

Irrevocable Trusts

All of the Above

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3. Customer Identification Programs (CIP):

Came out of the USA PATRIOT Act

Is done one time at the opening of the account

Requires 4 pieces of information

A and B only

All of the Above

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4. We give out Reg E disclosures when there is any of the following except:

A debit or credit to the consumer account electronically

Consumer Accounts

Business Accounts

Personal, family and household purposes

Question Title

5. A W-8BEN is used when:

Interest-bearing account

Nonresident alien

One of the countries we tax exchange with

All of the above

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6. An IRA Eligible Designated Beneficiary who can take single life payments is all of the following except:

Spouse

Minor Child

Trust

Disabled person or chronically ill

A person not more than 10 years younger than the decedent

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7. Terminal illness is an exception to the 10% penalty on an IRA if all of the following apply except:

Doctor of Medicine certification

Customer expected to die in 84 months

Customer under the age of 73

Customer under the age of 59 ½

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8. Consumer debit cards can be used for business accounts if use Reg E Disclosures

True

False

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9. W-8BEN is required on noninterest-bearing accounts:

True

False

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10. For purposes of UDAAP and it’s definition of a “covered person” the following is included:

any person who engages in offering or providing a consumer financial product or service;

any affiliate of a person if such affiliate acts as a service provider to such person.

A consumer can be a business

Postal Money Order

All of the above

A and C only