Financial Legislation and Banking Practices Worksheet Questions

Front

Which piece of legislation created a government agency responsible for overseeing and enforcing fairness in the stock market after stocks are first sold?

Back

Securities Exchange Act of 1934

Front

The Glass-Steagall Act was designed to protect consumers by separating which two types of financial activities?

Back

Commercial banking and investment banking

Front

A direct daily-life connection of the Federal Reserve Act is its influence on: Interest rates for credit cards and personal loans.

Back

Interest rates for credit cards and personal loans.

Front

The Community Reinvestment Act requires banks to provide fair lending opportunities to combat which historical practice?

Back

Redlining

Front

Which law gives individual states, rather than the federal government, the primary authority to regulate the insurance industry?

Back

McCarran-Ferguson Act

Front

The Sarbanes-Oxley Act of 2002 was enacted primarily to protect investors and employees from what type of activity?

Back

Fraudulent financial reporting by corporate executives.

Front

Thanks to the Check Clearing for the 21st Century Act (Check 21 Act), what common banking action is now possible?

Back

Depositing a check using a mobile phone application.

Front

The 'Know Your Customer' (KYC) rules, which require banks to verify the identity of their clients, are a major component of which act?

Back

USA PATRIOT Act

Front

What protection does the Electronic Funds Transfer Act provide to consumers in their daily lives?

Back

It limits a customer's financial liability for a stolen debit card.

Front

The Gramm-Leach-Bliley Act of 1999 had a significant dual impact. It allowed financial firms to combine services while also introducing new rules for:

Back

Protecting consumer's personal financial information.