National Check Payments Certification (NCP) Exam Questions With Revised Correct Answers | Updated & Already Passed |

National Check Payments Certification (NCP) Exam Questions With Revised Correct Answers | Updated & Already Passed | 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.: