1. In 1999, Congress passed a sweeping legislation that allow banks, securities firms, and insurance companies to combine their activities if they so wish. This deregulation overrides many of the provisions of which earlier legislation?
A. McFadden Act , 1927
B. Federal Reserve Act, 1913
C. FDI Improvement Act, 1991
D. Glass-Steagall (Banking) Act, 1933
E. DIDMCA, 1980
2. Which of the following statements is correct? [I] Most commercial banks in the United States are chartered by the states [II] All national banks must be insured by the FDIC [III] It is NOT mandatory for state banks to be members of the Federal Reserve System [IV] Banks, which are members of the Federal Reserve System hold the bulk of bank deposits in the United States [V] The FDIC insures both commercial banks and thrift institutions
A. I, III, V
B. III, IV, V
C. I, II, IV, V
D. All are correct
3. A banking facility that can be located anywhere in the U.S. but must devote a majority of its transactions to international accounts is a(n):
A. Edge Act
B. IBF
C. Representative office
D. Joint Venture
E. Bank holding company
4. Which of the following is a provision of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994?
A. Allows bank holding companies to acquire banks in any state and to branch across state lines if the states do not "opt out" of interstate branching
B. Allows only savings banks to acquire banks in any state and to branch across state lines if the states do not "opt out" of interstate branching
C. Allows the Federal Reserve Bank to acquire banks in any state and to branch across state lines if the states do not "opt out" of interstate branching
D. None of the above is correct
5. The legislation that set up the SAIF to insure savings and loan deposits was the:
A. Depository Institutions Deregulation and Monetary Control Act
B. Garn-St Germain Depository Institutions Act
C. Financial Institutions Reform, Recovery, and Enforcement Act
D. Competitive Equality in Banking Act
6. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 set up which agency to liquidate the assets of failed savings and loans? Note: this agency was later dissolved in 1995.
A. The Resolution Trust Corporation (RTC)
B. The Office of Thrift Supervision (OTS)
C. The Savings Association Insurance Fund (SAIF)
D. The Federal Deposit Insurance Corporation (FDIC)
7. The ___ merged BIF and SAIF into ___ and also increased insurance coverage for IRAs to ___ per account
A. Sarbanes-Oxley of 2002; Deposit Insurance Fund; $500,000
B. Federal Deposit Insurance Reform Act of 2005; Deposit Insurance Fund; $250,000
C. Federal Deposit Insurance Reform Act of 2005; Savings Insurance Fund$500,000
D. Financial Services Modernization Act of 1999; Deposit Insurance Fund; $250,000
E. FDIC Improvement Act of 1991; Savings Insurance Fund; $250,000
F. None of the above
8. The primary regulator of federally chartered savings and loans associations is:
A. Comptroller of the Currency
B. Federal Deposit Insurance Corporation
C. Federal National Mortgage Association
D. Federal Home Loan Bank Board
E. Office of Thrift Supervision
9. Which insurance agency insures funds held in a money market mutual funds
A. Savings association insurance fund
B. Bank insurance fund
C. Money market insurance fund
D. Office of Thrift Supervision
E. Money market funds have no insurance agency
10. The ___ insures customer deposits in thrift institutions
A. Bank insurance fund
B. Money market insurance fund
C. Office of Thrift Supervision
D. FDIC
E. None