CLFP 2024 Recertification Quiz



Section 1071 of the Dodd-Frank Act requires financial institutions to gather and report data on business credit applications to _________________.
Pursuant to Section 1071, if a business has _______ or more employees, data collection is required to begin on October 1, 2024.
Which of the following best describes the general purpose of Section 1071?
According to Section 1071, financial institutions must collect approximately ___ data fields for each “covered” transaction.
5. According to the article, which of the following are potential Section 1071 compliance issues that a financial institution needs to consider (select all that apply)?

Sources of Funding/Capital Allocation

The fallout from the 2023 U.S. bank failures has prompted lenders/lessors to do which of the following (select all that apply)?
According to the U.S. Government Accountability Office, the primary drivers for the 2023 U.S. bank failures was/were the following (select all that apply)?
Individuals/consumers consider a deposit a(n) ______. However, banks consider deposits a(n) ________.
Regulatory requirements require certain large banks to identify unrealized losses on their investment portfolios. This causes which of the following to occur?
What is the name of the international regulatory requirement that is anticipated to result in increased capital requirements for banks?

Synthetic Identity Theft

Fraudsters use which type of information to create synthetic identities (select all that apply):
Fraudsters use the synthetic personal identities to do which of the following (select all that apply):
In 2020, the Federal Reserve reported that synthetic identity theft accounted for an estimated _____ in losses for U.S. financial institutions.
To protect your institution from potential losses resulting from synthetically created identities, it is crucial that you do all of the following, except for ________.
To safeguard your institution from synthetic entities, key data points to collect on all entities/individuals might include the following (select all that apply):

Benefits of Leasing

According to the article, ____________ has prompted many organizations to offer leases instead of loans.
In rapidly evolving industries, how does leasing provide an advantage regarding asset utilization?
How does leasing contribute to the preservation of capital and credit lines for borrowers?
Which of the following is considered the primary purpose of a lease?
How does ownership differ between a lease and a loan?
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