Credit unions Study guides, Class notes & Summaries

Canadian Legal System Answer Federal - Powers of the Constitution Trade and Commerce (privacy), Criminal law, banking, national defense. Provincial - Division of Powers Civil and Property Rights (privacy), hospitals, education, municipalities Territorial - Usually fall under federal - do have some public sector privacy laws Canadian Laws anchored in OECD Principles Answer Accountability Purpose Specification Collection Limitation Use Limitation Data Quality Security Safeguards Op...

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...

MBA CHAPTER 14 REVIEW PRACTICE QUIZ 2024. Of all the depository institutions, as a percentage of assets, credit unions rely the most on deposit sources of funds. True False - CORRECT ANSWER True The policy employed in the 1980s of not closing economically insolvent savings institutions was called regulatory forbearance. True False - CORRECT ANSWER True After deposits, the second largest source of funds at savings institutions is FHLB loans. True False - CORRECT ANSWER T...

What type of agency exists because of the actions and behavior of the parties? Action agency Behavioral agency Express agency Implied agency correct answers Implied agency Which entity ensures that contractors perform their work according to code by inspecting their job sites? City hall The attorney general The building department The secretary of state correct answers The building department The secondary mortgage market is comprised of _________________________. FNMA, GNMA...

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 type of agency exists because of the actions and behavior of the parties? Action agency Behavioral agency Express agency Implied agency - ANSWER-Implied agency Which entity ensures that contractors perform their work according to code by inspecting their job sites? City hall The attorney general The building department The secretary of state - ANSWER-The building department The secondary mortgage market is comprised of _________________________. FNMA, GNMA, FHLMC, & lending inst...

FIN 200;8_TB_19[Chapter 19 Savings Associations and Credit Unions,Q/A]

Chapter 1 - Loans Which is not correct regarding the reserve amount? A) the amount of money the Federal Reserve requires lenders to hold in reserve B) reserve amounts may be used by the lender C) reserves must remain in a special account D) reserves are regulated by the Federal Reserve - B) reserve amounts may be used by the lender Feedback: Correct: The reserve account helps keep the economy stable by controlling the money supply. Bob noticed that there was a lien recorded against his ...

LUOA Personal Finance Module 2 Questions and Answers Rated A What are the three main types of financial institutions available for helping you manage you finances? banks, credit unions, and thrifts Choose all statements that describe a "bank." -invests in capital markets to make money for the institution as well as its customers -accepts deposits to accounts -regulated by the government -a financial institution -charges fees and interest to pay administrators and stock holders Choose al...