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NAFCU NCCO Test 2 Questions with Detailed Verified Answers
What types of accounts are covered and not covered by Reg E
Ans: Covered - Electronic transfers, electronic ignited, debits or credits to a consumer
account (not loans) within USA.
Not Covered - Wire transfers, paper initated transfers (physical check)
What types of transaction are covered transfers, meaning electronic fund transfers
(EFT) ?
Ans: Automatic Transfers within a credit union
What is the timing requirement for sending peridoic statements for Reg E?
Is there a difference in timing depending on whether an EFT occured or not?
Ans: Depends on whether EFT occured or not
EFT - Monthly
No EFT (i.e. no debit card just a share account) - Quarterly
What triggers a change in term notification? If you must send one, what is the timing
requirement?
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Ans: Must be given at least 21 days prior to effective date of change
-> increase fees
-> increases potential liability for members
-> remove types of funds transfer options under account
-> increases the limitations on the frequency or dollar amount of transfer
Which transactions are not considered unauthorized transfers?
Ans: -> if member had fraudulent intent
-> if member provides authroization and they exceed the authrority given by the
member
What are the different liability levels for unauthorized transfers? For each when does
the member need to provide notice and how much is the member liable for ?
Ans: $50 - if consumer notices the CU within 2 buisness days after learning of the loss
or theft of access device
$500 - after two days
unlimited- if member provides authorization to make transfer from account
What are the timelines the credit union has for completion investigation
© Get it right 2025 Getaway - Stuvia US All rights reserved
NAFCU NCCO Test 2 Questions with Detailed Verified Answers
What types of accounts are covered and not covered by Reg E
Ans: Covered - Electronic transfers, electronic ignited, debits or credits to a consumer
account (not loans) within USA.
Not Covered - Wire transfers, paper initated transfers (physical check)
What types of transaction are covered transfers, meaning electronic fund transfers
(EFT) ?
Ans: Automatic Transfers within a credit union
What is the timing requirement for sending peridoic statements for Reg E?
Is there a difference in timing depending on whether an EFT occured or not?
Ans: Depends on whether EFT occured or not
EFT - Monthly
No EFT (i.e. no debit card just a share account) - Quarterly
What triggers a change in term notification? If you must send one, what is the timing
requirement?
© Get it right 2025 Getaway - Stuvia US All rights reserved
, Click here for more: Scholars nexus
Ans: Must be given at least 21 days prior to effective date of change
-> increase fees
-> increases potential liability for members
-> remove types of funds transfer options under account
-> increases the limitations on the frequency or dollar amount of transfer
Which transactions are not considered unauthorized transfers?
Ans: -> if member had fraudulent intent
-> if member provides authroization and they exceed the authrority given by the
member
What are the different liability levels for unauthorized transfers? For each when does
the member need to provide notice and how much is the member liable for ?
Ans: $50 - if consumer notices the CU within 2 buisness days after learning of the loss
or theft of access device
$500 - after two days
unlimited- if member provides authorization to make transfer from account
What are the timelines the credit union has for completion investigation
© Get it right 2025 Getaway - Stuvia US All rights reserved
