Governing Body, Regulation, or Law

Question 1

Administers economic sanctions and embargo programs that require assets and transactions involving interest of targeted parties be blocked or frozen.

Answer 1

U.S. Treasury Department’s Office of Foreign Assets Control (OFAC)

Question 2

Governs Federal payments made through the ACH Network.

Answer 2

Title 31 Code of Federal Regulation (CFR) Part 210

Question 3

Regulation that Establishes the procedures for the interbank system of collecting checks and wire transfers and related provisions for settling balances and transferring funds in the Federal Reserve System.

Answer 3

Regulation J

Question 4

Governs the clearing and settlement of commercial ACH transactions by the Federal Reserve Banks, ODFIs, and RDFIs.

Answer 4

Federal Reserve Bank Operating Circular No. 4

Question 5

Governs the basic rights and obligation of consumers and financial institutions for the usage of electronic fund transfer services.

Answer 5

Regulation E

Question 6

Applies only to Government securities issued by the Bureau of Public Debt and made through the ACH Network. These securities include Treasury bills, notes, and bonds, Government savings bonds and any other debt instrument issued by the Bureau of Public Debt.

Answer 6

Title 31 Code of Federal Regulations (CFR) Part 370

Question 7

Specifies the requirements associated with reserves that depository institutions must maintain at Federal Reserve Banks. It further differentiates between “transaction accounts” and financial institutions must ensure that no more than the permitted withdrawals or transfers are made for a specific type of time deposit account.

Answer 7

Regulation D

Question 8

A comprehensive body of law for wholesale electronic funds transfers. It details the rights and obligations of RDFIs, ODFIs, Originators and Receivers.

Answer 8

Uniform Commercial Code (UCC) Article 4A

Question 9

A banking circular issued to address large-dollar payment system risks. It outlines the policies, procedures, and controls that national banks must have in place for assessing risk associated with various payment systems in which the bank participates.

Answer 9

OCC 235

Question 10

Provides rules for financial institutions that use EFT mechanisms to process Federal tax payments through the Electronic Federal Tax Payment System (EFTPS). Financial institutions become legally bound to the regulation when they assist in completing Enrollment Form 9779 or initiate or receive a Prenote or live dollar tax payment.

Answer 10

Title 31 Code of Federal Regulation (CFR) Part 203