National Check Payments Certification
(NCP) with answers
What does Reg CC implement - answer-Check Clearing for the 21st Century Act
(Check 21) and the Expedited Funds Availability Act.
Describe the routing number in fractional form - answer-City prefix 1 -49 - State 50
- 99 Prefix is followed by the ABA institution identifier - Denominator is Federal
Reserve routing symbol.
What is the Aux on us field used for? - answer-Optional field to left of the routing
field on micr line. Normally on business sized checks for the placement of
consecutive serial number. Checks with an aux on un field are ineligible to
conversion to ACH entries ARC, BOC, POP.
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 -
(NCP) with answers
What does Reg CC implement - answer-Check Clearing for the 21st Century Act
(Check 21) and the Expedited Funds Availability Act.
Describe the routing number in fractional form - answer-City prefix 1 -49 - State 50
- 99 Prefix is followed by the ABA institution identifier - Denominator is Federal
Reserve routing symbol.
What is the Aux on us field used for? - answer-Optional field to left of the routing
field on micr line. Normally on business sized checks for the placement of
consecutive serial number. Checks with an aux on un field are ineligible to
conversion to ACH entries ARC, BOC, POP.
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 -
