National Check Payments Certification (NCP) questions with correct answers
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Course
National Check Payments Certification
Institution
National Check Payments Certification
What is the purpose of Reg CC - Answer To implement to Expedited Funds Availability Act and the Check 21
What did Check 21 Act do - Answer Faciliate check truncation by authorizing substitue checks, Foster innovation in the check collection system without madating receipt of checks in electr...
National Check Payments Certification (NCP)
questions with correct answers
What is the purpose of Reg CC - Answer To implement to Expedited Funds Availability Act and the Check 21
What did Check 21 Act do - Answer Faciliate check truncation by authorizing substitue checks, Foster innovation in the check collection system without madating receipt of checks in electronic form, Improve the overall efficiency of the
Nations Payments system.
What is the purpose of the FFIEC? - Answer Prescribe uniform principles, standards, and report forms for the federal examination of
financial institutions by: Board of Governors of the Federal Reserve System (FRB) Federal Deposit Insurance Corporation (FDIC) National Credit Union Administration (NCUA) Office of the Comptroller of the Currency (OCC), and Consumer Financial Protection Bureau (CFPB)
What is the purpose of the Uniform Commercial Code? - Answer Simplify, clarify, and modernize the law governing commercial transactions Permit the continued expansion of commercial practices through custom, usage, and agreement of the parties Make uniform the law among the various jurisdictions.
What do the provisions of Article 3 cover - Answer Negotiable Instruments In the event of inconsistent provisions, which check rules or
regulations prevail? - Answer In general, Federal law preempts State law in cases of inconsistency -
What options are available in the U.S. for image exchange
rules coverage? - Answer Either Federal Reserve or Private Sector Rules (Clearing House or unique agreement) options
exist for image exchange rules coverage in the U.S.:
Does Check 21 provide legal rules or address check image
exchanges between banks? - Answer No. Check 21 only provides legal recognition and equivalency of substitute checks. Additional
agreements and/or rules are required for image exchanges. The Act does not govern image
exchanges, and therefore image exchanges still need to be performed under agreement
between the parties.
According to the Federal Reserve Operating Circular No. 3
(OC3), what items are eligible for image exchange? - Answer The Federal Reserve Banks Operating Circular No. 3 (OC3) outlines eligibility for both paper
and image cash letters in terms of cash items or non-cash items:
What are the ECCHO Rules? - Answer ECCHO Rules are private sector clearinghouse rules which apply to the exchange of electronic
check transactions between ECCHO Member financial institutions.
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