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2024 CRCM SAMPLE EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 CRCM SAMPLE EXAM QUESTIONS WITH CORRECT ANSWERS
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2024 CRCM SAMPLE EXAMQUESTIONS WITH CORRECT
ANSWERS
When reviewing exemptions for continued eligibility under the Bank Secrecy
Act, a review of which of the following is LEAST helpful? - CORRECT
ANSWERS- Currency Transaction Reports (CTRs)
A number of bank customers are members of the Army Reserve and have
been called to active duty for six months. Your bank's president wishes to
issue a press release stating that the bank will suspend all loan payment
requirements while loan holders are on duty, extend the maturity date of
each loan, and permit interest to accrue at only 10% while the loan holders
are on active duty. You are asked to review the press release. Which of the
following statements represents the advice you should give the president? -
CORRECT ANSWERS- Upon request, the bank must reduce the interest rate
on the loans to 6% effective on the date that the service members are called
to report for active duty, and remain at 6% until they are released from
orders.
A compliance officer is monitoring the bank's opt-out forms and procedures
for compliance with the requirements of the Privacy of Consumer Financial
Information Regulation. A violation of this regulation will occur if the bank's
opt-out form _______ - CORRECT ANSWERS- requires the signatures of all
joint account holders to be effective for joint accounts
When reviewing ATM dispute files for compliance with Regulation E
provisions, you should determine whether ________ - CORRECT ANSWERS-
errors were corrected no later than one business day after determination
that an error occurred
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? - CORRECT
ANSWERS- Identifying the consumer protection regulatory provisions on
liability and error resolution.
Under the Interagency Statement on Retail Sales of Nondeposit Investment
Products, the required disclosures can be provided to the bank's customer in
, all of the following ways EXCEPT: - CORRECT ANSWERS- in writing by a teller
when referring a customer to the investment sales area
You are developing bank procedures for determining when to escalate issues
or problems identified as a result of repeat SAR filings on the same account.
These procedures should include all of the following criteria EXCEPT: -
CORRECT ANSWERS- notifying the customer
Which of the following is considered a non-listed business that is eligible for
exemption from CTR reporting requirements? - CORRECT ANSWERS-
Licensed pari-mutual race track
By policy, a bank does not collect income information on employee loan
applications. When completing the HMDA LAR's income field, the bank must
record the ____________. - CORRECT ANSWERS- code for "not applicable"
Your examiner tells you that your bank is straining its resources by not
exempting any of its commercial account holders from CTR filing. The
examiner notes that many of these customers are publicly traded and could
be exempted. Which of the following actions is in the bank's BEST interest? -
CORRECT ANSWERS- Determine whether granting exemptions is a
manageable risk for the bank.
In your fair lending self-monitoring program, you found a prohibited basis
that would result in a regulatory violation was factored into the credit score.
You should instruct management to FIRST ____________. - CORRECT
ANSWERS- suspend the use of the credit scoring system until it can be
corrected
The examiners criticized your bank at the last examination for failing to
conduct a BSA/AML risk assessment of its operations. You have been asked
to complete the assessment. Which of the following categories is NOT
suggested by the FFIEC Examination Manual for your risk assessment? -
CORRECT ANSWERS- Vendors
Which of the following represents the required method for proving a
consumer with the insurance consumer protection disclosures in connection
with a loan transaction? - CORRECT ANSWERS- At the time of loan
application
The bank has decided to begin offering a full range of non-deposit
investment products to retail customers. Your FIRST step should be to
____________. - CORRECT ANSWERS- review the Interagency Statement on
the Retail Sale of Nondeposit Investment Products
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