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2024 CRCM SAMPLE EXAM (100) QUESTIONS WITH CORRECT ANSWERS
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2024 CRCM SAMPLE EXAM (100) QUESTIONS WITH CORRECT ANSWERS
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2024 CRCM SAMPLE EXAM (100)QUESTIONS WITH CORRECT
ANSWERS
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?
A. Drafting the content of the electronic disclosures
B. Setting reasonable and competitive fees for the services offered
C. Determining which products to include in the electronic delivery
system
D. Identifying the consumer protection regulatory provisions on liability
and error resolution - CORRECT ANSWERS- D. Identifying the consumer
protection regulatory provisions on liability and error resolution
To ensure that your institutions policies and procedures are in compliance
with Regulation B and its requirements relating to spousal signatures,
what is the most effective action you, as the compliance officer, should
take?
A. Research state signature requirements in all states in which customers
could reside or own property and prepare a legal brief for management on
the findings
B. Ensure that the institution adopts a continuing guarantee for all
commercial loans
C. Review customer complaints relating to spousal signatures in the
lending department
D. Provide periodic training on spousal signature requirements of
Regulation B to lending staff - CORRECT ANSWERS- D. Provide periodic
training on spousal signature requirements of Regulation B to lending staff
You have learned that the Consumer Financial Protection Bureau has
issued a proposed regulation to implement a recently enacted federal law.
The proposal would have a significant adverse impact on one of the
financial institution's existing activities. You have prepared a summary of
the proposal for management. Which of the following actions is MOST
appropriate for you to take?
A. Wait to distribute information until the rule is final.
B. Distribute the summary and begin efforts to comply with the proposed
requirements.
C. Distribute the summary and advise that the financial institution may
send a comment letter.
, D. Distribute the summary along with guidance on how to lobby Congress
to amend the recent law. - CORRECT ANSWERS- C. Distribute the
summary and advise that the financial institution may send a comment
letter.
A customer presented $13,000 in cash for deposit to her account. She
withheld $4,000 from the transaction when the teller began to complete a
CTR. In this situation, the bank should ____________.
A. file the appropriate SAR form with respect to the structured transaction
B. make an entry in its log of cash sales of monetary instruments
C. file a CTR for the $13,000 transaction
D. refuse the transaction - CORRECT ANSWERS- A. file the appropriate
SAR form with respect to the structured transaction
An internal fair lending review indicated no evidence of overt
discriminatory practices. However, 60% of the unsecured loans approved
to male applicants were charged loan fees that were lower than the
bank's policy, and only 10% of the female applicants received reduced
loan fees. There was insufficient documentation in the credit files to justify
these pricing differences. The MOST appropriate action the compliance
officer should take is to ____________.
A. note the event, but indicate that no overt discrimination was found
B. conduct a complete demographic and regression analysis to determine
the full extent of this fair lending issue
C. develop specific policy provisions for fee exception approvals and
documentation, and retrain lending personnel
D. anticipate a referral to the Department of Justice on the next
regulatory exam due to inconsistent application of loan policy that has
resulted in disparate im - CORRECT ANSWERS- C. develop specific policy
provisions for fee exception approvals and documentation, and retrain
lending personnel
A bank is considering changing its business hours of operation. Currently,
branches arre not open on Saturdays and Sundays. The bank is
considering opening all branches on Saturdays from 9:00 am to 11:00 am
for routine teller transactions through the drive-up windows. The loan
operations manager asks the compliance manager how this change will
impact the process for mailing consumer loan disclosures to customers for
mortgage loans. The compliance manager responds by explaining that:
A. The change will require the bank to consider Saturday as a business
day for purposes of delivering Loan Estimates to consumers after receipt
of an application.
B. The change will not affect the timing of delivery of Loan Estimates to
consumers after receipt of an application.
C. The change will affect the timing of delivery of Revised Loan Estimates
to consumers after receipt of an application.
, D. The change will require the ba - CORRECT ANSWERS- B. The change
will not affect the timing of delivery of Loan Estimates to consumers after
receipt of an application.
An auditor asked for your guidance regarding an audit in process. Review
of 20 adverse action notices revealed that 2 were sent late, and 2 did not
show the name and address of the credit reporting agency when required
by the Fair Credit Reporting Act. Each of the errors was made by a
different employee. Given these findings, you should advise the auditor to
____________.
A. continue with the audit, as this is not a problem
B. cite the errors as technical exceptions
C. review more items to determine a root cause of the problem
D. read Regulation B and the Fair Credit Reporting Act for guidance -
CORRECT ANSWERS- C. review more items to determine a root cause of
the problem
A recent regulatory change increased the amount of FDIC insurance
coverage for individual depositors. The compliance manager should FIRST
_____________.
A. develop a new policy in this area
B. maintain the current program without change
C. update the content of employee training material
D. revise the internal monitoring schedule in this area - CORRECT
ANSWERS- C. update the content of employee training material
The bank has decided to begin offering a full range of non-deposit
investment products to retail customers. Your FIRST step should be to
____________.
A. review the state insurance licensing requirements
B. develop a program to obtain Series 6 & 7 licenses for the sales staff
C. develop new account forms that include processes to determine
suitability
D. review the Interagency Statement on the Retail Sale of Nondeposit
Investment Products - CORRECT ANSWERS- D. review the Interagency
Statement on the Retail Sale of Nondeposit Investment Products
Anywhere Bank is receiving frequent complaints from borrowers about
having to delay the loan closing because a copy of the appraisal must be
provided to them at least three business days prior to loan consummation
and appraisals are taking a very long time in this area. So, the bank has
decided to allow borrowers to waive their right to receive a copy of the
appraisal as follows:
A. Borrowers may provide a waiver in writing as long as it is received by
the bank at least three business days before loan consummation and as
long as the appraisal is provided to them no later than at loan
consummation
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