Credit unions - Study guides, Class notes & Summaries

Credit unions must report blocked or rejected transactions within __________ business days from the date that property becomes blocked or the transaction is rejected. a. 14 business days b. 30 calendar days c. 10 business days d. The date that the property is blocked/transaction is rejected. - THE CORRECT ANSWER IS C Blocked and rejected transactions must be reported to OFAC within 10 business days from the date that property becomes blocked or the transaction is rejected. True or false....

FIN101 Final Exam Ball State University - Olga McAtee (Ch. 6-10); Questions and Answers 100% Correct High Cost Consumer Loans Correct answer-a loan with above average fees Main Stream Financial System Correct answer-banks, credit unions, credit card issuers, etc. Alternative Financial System Correct answer-payday loans, pawn shops, check cashers, etc. Installment Loan Correct answer-a loan repaid with interest in equal periodic payments Revolving Credit/Loan Correct answer-specified...

Utah Financial Literacy State Test Review Rated A+ Amortization Payment of a portion of the principle of a mortgage loan, reducing or amortizing the mortgage amount. Annual Percentage Rate The total annual percentage amount it will cost a person to use credit. Asset Any items of value that people own, including cash, property, personal possessions, and investments. Budget A plan for spending and saving money based on a person's goals during a given time period. Career A li...

What are the five pillars of an effective BSA/AML compliance program? - ANSWER-1. Designation of a BSA compliance officer by the Board. 2. Provide for a system of internal controls to ensure ongoing compliance 3. Provide for independent testing to be conducted by credit union personnel or outside parties 4. Provide training for appropriate personnel 5. Appropriate risk-based procedures for conducting ongoing member due diligence Who all is required to receive BSA/AML training? - ANSWER-N...

Banking Wise Practice Test Exam Questions with 100% Correct Answers 2024 If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the US Treasury Department- In order to track large deposits, the federal government requires that deposits of $10,000 or more be reported to the Treasury Department. Some concerns may be that a person might be trying to avoid paying taxes on game winnings or perhaps illegal gains The National Credit Union Administration (NCUA) i...

Economics and Personal Finance Wise Test Practice With Complete Solutions What should you check on a $200 gift card before using it? Review the terms or packaging for details on any inactivity fees. When assessing credit card offers, what is the key factor to consider? The annual percentage rate (APR) of the card. For a car loan with a 10% interest rate, when is the loan's total cost minimized? When repaid over 3 years. Which financial practice reflects an understanding of the t...

BSACS Test Prep Actual Exam Questions and CORRECT Answers Credit unions must report blocked or rejected transactions within __________ business days from the date that property becomes blocked or the transaction is rejected. a. 14 business days b. 30 calendar days c. 10 business days d. The date that the property is blocked/transaction is rejected. - CORRECT ANSWER- THE CORRECT ANSWER IS C

What are the five pillars of an effective BSA/AML compliance program? - 1. Designation of a BSA compliance officer by the Board. 2. Provide for a system of internal controls to ensure ongoing compliance 3. Provide for independent testing to be conducted by credit union personnel or outside parties 4. Provide training for appropriate personnel 5. Appropriate risk-based procedures for conducting ongoing member due diligence Who all is required to receive BSA/AML training? - New staff, BSA C...

REAL ESTATE FINANCE ICHAMPIONS EXAM QUESTIONS AND ANSWERS 2024 GRADED A+. 2 / 32 1. The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price: B 2. is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing *: A 3. A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The priorVA lo...

Credit unions must report blocked or rejected transactions within __________ business days from the date that property becomes blocked or the transaction is rejected. a. 14 business days b. 30 calendar days c. 10 business days d. The date that the property is blocked/transaction is rejected. - THE CORRECT ANSWER IS C Blocked and rejected transactions must be reported to OFAC within 10 business days from the date that property becomes blocked or the transaction is rejected. True or false....