Question

Which of the following laws and regulations do trust examiners use to assess compliance?

1) ERISA
2) Federal Tax Code
3) Regulation H
4) Regulation Y
5) State Probate Code
6) The Right to Financial Privacy Act

Answer 1

Trust examiners use several laws and regulations to assess compliance including ERISA, the Federal Tax Code, Regulation H, Regulation Y, the State Probate Code, and The Right to Financial Privacy Act.

Step-by-step explanation:

The trust examiners assess compliance using a variety of laws and regulations. Some of these include the Employee Retirement Income Security Act (ERISA), which sets minimum standards for most voluntarily established pension and health plans in private industry; the Federal Tax Code, which provides the rules for federal income taxation; Regulation H, which governs the operations of state member banks and implements various parts of the Federal Reserve Act; Regulation Y, which pertains to bank holding companies, including requirements for acquisitions and other measures to control banking risks; the State Probate Code, which oversees the administration of estates and the management of trusts at the state level; and The Right to Financial Privacy Act, which protects the confidentiality of personal financial records by creating statutory Fourth Amendment protection for bank records.