CRCM Final Test Complete Questions And Answers 2024 Latest Quiz
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Course
CRCM
Institution
CRCM
CRCM Final Test Complete Questions And Answers 2024 Latest Quiz
Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include ____________. ANS Completing the annual report of indebtedness to correspondent banks.
Reg O:
A customer who has pre...
CRCM Final Test Complete Questions And Answers
2024 Latest Quiz
Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include
____________. ANS Completing the annual report of indebtedness to correspondent banks.
Reg O:
A customer who has preauthorized transfers made on the 15th of each month to the utility company, sent
written notification to the bank on the 5th of the current month that he wanted to discontinue the automatic
transfers. The bank received the customer's notification on the 7th. On the 20th of the month, the customer
telephoned to state that his account balance indicated that payment was NOT stopped. The bank should advise
the customer that ____________. ANS The account will be credited promptly.
Reg E:
When reviewing exemptions for continued eligibility under the Bank Secrecy Act, a review of which of the
following is LEAST helpful? ANS Currency Transaction Reports CRTs
AML not BSA
When conducting an audit of IRS tax compliance procedures, you should select a sample of which of the
following forms? ANS 1099A
IRS Regs
In monitoring a bank's compliance with the federal Fair Housing Act, it is LEAST relevant to review
____________. ANS Handicap accessibility to property secured by a first mortgage loan made by the
bank.
Fair Housing Act:
One purpose of CRA Regulations is to ____________. ANS Encourage banks to help meet the credit needs
of their local community.
,CRA
A recent regulatory change increased the amount of FDIC insurance coverage for individual depositors. The
compliance manager should FIRST _____________. ANS update the employee manual
not develop a new policy or revise internal monitoring schedules in this area.
Compliance Management
Under CRA rules, banks other than small banks must report which of the following types of loans? ANS
Loans to small farms
CRA rules
National Bank is headquartered in Colorado and has branches in Nebraska and Wyoming that it acquired two
years ago. Each year the federal regulatory agencies publish the host state loan-to-deposit ratios for each state,
which are used to determine if banks with interstate branches are in compliance with the Riegle-Neal Interstate
Banking and Branching Efficiency Act of 1994. To comply with the Act, the National Bank must: ANS
Have a loan-to-deposit ratio in each state that equals or exceeds 50% of the loan-to-deposit ratio of each host
state.
Riegle-Neal
The bank is beginning e-banking and wants to deliver a full range of consumer electronic services. The
compliance manager is a member of the project team. Which of the following functions is MOST appropriate
for the compliance manager during the INITIAL stages of this project? ANS ID the consumer protection
regulatory provisions on liability and error resolution.
Compliance Management
Which of the following statements describes a bank's reporting requirements when it awards a big-screen
television, valued at $800, to a customer as a grand-opening prize? ANS The fair market value of the prize
is reportable on Form 1099 MISC
, IRS regs
An internal audit reveals APR calculation issues. In responding, you should FIRST ____________. ANS
Perform a root cause analysis
Compliance Management
During a review of your bank's customer identification procedures, you are likely to find regulatory
deficiencies if the bank does NOT ____________. ANS Require verification of the identity of each
customer.
AML? CIP
If the bank does not obtain the TIN from the deposit account holder when the account is opened, the Bank
Secrecy Act requires that the bank ____________. ANS Obtain the TIN within a reasonable time after
account opening.
BSA
To determine whether your bank is a small servicer under Regulation Z's definition of small servicer and
thereby exempt from RESPA requirements for early intervention mortgage servicing notices, you should: ANS
Determine the number of mortgage loans your banks services together with any affiliates as of the current
date.
REG Z: small loans and RESPA
Under the Bank Protection Act, how often must a security program provide for training of officers and
employees? ANS Initially and periodically
Bank Operations
When reviewing for compliance under Regulation DD, which of the following items must be included in an
advertisement for a time deposit account where a fixed interest rate is advertised? ANS The APY
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