Banking Services Legislation Flashcard

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What is the purpose of banking regulations?

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The purpose of banking regulations is to ensure the stability and integrity of the banking system.

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Which government agency is responsible for enforcing banking regulations? Options: Financial Conduct Authority (FCA), Internal Revenue Service (IRS), Securities and Exchange Commission (SEC), Federal Reserve System (Fed)

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Financial Conduct Authority (FCA)

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What are some common banking regulations that protect consumers? Options: Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Electronic Fund Transfer Act (EFTA), Consumer Financial Protection Bureau (CFPB), Fair Debt Collection Practices Act, Gramm-Leach-Bliley Act, Dodd-Frank Wall Street Reform and Consumer Protection Act

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Truth in Lending Act (TILA), Fair Credit Reporting Act (FCRA), Electronic Fund Transfer Act (EFTA), Consumer Financial Protection Bureau (CFPB)

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What is the role of electronic funds transfer regulations in banking services?

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Electronic funds transfer regulations ensure secure, reliable, and efficient electronic transactions between financial institutions and protect consumers from fraud and unauthorized transactions.

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What is the role of electronic funds transfer regulations in banking services?

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Electronic funds transfer regulations ensure secure, reliable, and efficient electronic transactions between financial institutions and protect consumers from fraud and unauthorized transactions.

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What are some key provisions of electronic funds transfer regulations? Options: Identity theft protection, credit card rewards, and mobile banking apps.; Consumer liability limits, error resolution procedures, and disclosure requirements.; Mandatory credit checks, interest rate caps, and loan forgiveness programs.; Minimum balance requirements, overdraft fees, and ATM withdrawal limits.

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Consumer liability limits, error resolution procedures, and disclosure requirements.

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What is securities legislation and how does it regulate the banking industry?

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Securities legislation is a set of laws and regulations that govern the issuance and trading of securities. It can impact the banking industry by regulating the types of securities that banks can issue or trade, as well as the disclosure requirements and other rules that banks must follow when dealing with securities.

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What are some examples of securities legislation that impact banking services? Options: Glass-Steagall Act, Sarbanes-Oxley Act, Gramm-Leach-Bliley Act, Commodity Futures Modernization Act, Financial Services Modernization Act, Bank Secrecy Act, Bank Holding Company Act, Fair Credit Reporting Act, Truth in Lending Act, Securities Act of 1933, Securities Exchange Act of 1934, Dodd-Frank Wall Street Reform and Consumer Protection Act

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Securities Act of 1933, Securities Exchange Act of 1934, Dodd-Frank Wall Street Reform and Consumer Protection Act

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What is insurance regulation and why is it important in the banking sector?

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Insurance regulation is the laws and rules that govern the insurance industry. It is important in the banking sector to protect consumers and maintain financial stability.

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Which government agency is responsible for overseeing insurance regulation in the banking industry?

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Federal Reserve System