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CRCM /
/Final /
/Test //Exam //Questions //With //Correct //Answers
Completing //the //annual //report //of //indebtedness //to //correspondent //banks.
Reg //O: //- //verified //answer(s)-
✔✔ Instructions /
/to /
/executive /
/officers /
/regarding /
/their //reporting //obligations //under //Regulation //O //should //NOT //include //____________.
The //account //will //be //credited //promptly. //
Reg //E: //- //verified //answer(s)-
✔✔ 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 //____________.
Currency //Transaction //Reports //CRTs
AML //not //BSA //- //verified //answer(s)-
✔✔ When /
/reviewing /
/exemptions /
/for /
/continued /
/eligibility /
/under //the //Bank //Secrecy //Act, //a //review //of //which //of //the //following //is //LEAST //helpful?
1099A
IRS //Regs //- //verified //answer(s)-
✔✔ When /
/conducting /
/an /
/audit /
/of /
/IRS /
/tax /
/compliance //procedures, //you //should //select //a //sample //of //which //of //the //following //forms?
Handicap //accessibility //to //property //secured //by //a //first //mortgage //loan //made //by //the //bank. //
CRA //rules //- //verified //answer(s)-
✔✔ Under /
/CRA /
/rules, /
/banks //other //than //small //banks //must //report //which //of //the //following //types //of //loans?
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 //- //verified //answer(s)-
✔✔ 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:
ID //the //consumer //protection //regulatory //provisions //on //liability //and //error //resolution. //
Compliance //Management //- //verified //answer(s)- ✔✔ 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?
The //fair //market //value //of //the //prize //is //reportable //on //Form // 1099 //MISC
/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 //____________.
Determine /
/the /
/number /
/of /
/mortgage //loans //your //banks //services //together //with //any //affiliates //as //of //the //current //date.
REG //Z: //small //loans //and //RESPA //- //verified //answer(s)-
✔✔ 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:
Initially //and //periodically
Bank //Operations //- //verified //answer(s)-
✔✔ Under /
/the /
/Bank //Protection //Act, //how //often //must //a //security //program //provide //for //training //of //officers
//and //employees?
The //APY
Not /
/fees //on //the //account, //the //basis //for //the //interest //rate //and //a //description //of //how //any //early
//withdrawal //penalty //will //be //calculated
Reg //DD //- //verified //answer(s)-
✔✔ 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?
Determination //of //whether //TINs //are //properly //requested //for //all //new //accounts //opened. //
IRS //regs //- //verified //answer(s)-
✔✔ Which /
/of //the //following //procedures //BEST //determines //whether //a //bank //is //in //compliance //with //IRS
//regulations //regarding //deposit //accounts?
Verification //of //key //data //field //accuracy.
CRA/HMDA //- //verified //answer(s)-
✔✔ A /
/data /
/integrity /
/review //for //CRA //and //HMDA //data //submissions //should //include //which //of //the //following?
Acknowledge //receipt //of //the //complaint //in //writing //within // 5 //BD
The //buyer //and //seller //agree //to //special //or //creative //financing //terms //
FIRREA //Appraisal //Standards //- //verified //answer(s)-
✔✔ Under /
/FIRREA /
/Appraisal /
/Standards, /
/the /
/definition /
/of //''market /
/value'' /
/is /
/NOT /
/based //on //the //consummation //of //a //sale //and //passing //of //title //under //conditions //whereby:
NMLOS //- //Society //- //verified //answer(s)-
✔✔ The /
/loan /
/originators /
/for /
/consumer /
/credit /
/transactions /
/secured /
/by //
a //dwelling //in //your //institution //are //subject //to //all //of //the //following //requirements //EXCEPT:
Homeowner's //Protection //ACT //- //verified //answer(s)-
✔✔ A /
/recent /
/Homeowner's /
/Protection /
/Act /
/(HPA) /
/audit /
/revealed /
/that /
/your /
/bank /
/releases //
a /
/borrower /
/from /
/PMI /
/coverage /
/only /
/when /
/the /
/borrower //requests //the //release. //After //correcting //your //policies //and //procedures, //your //bank
//should /
/NEXT /
/drop //PMI //coverage //for //all //eligible //loans //covered //by //HPA //where //the //LTV //has //reached
Participants //in //a //money //transmitting //business
Reg //GG: //Gambling //- //verified //answer(s)-
✔✔ Which /
/of /
/the /
/following /
/are /
/exempt /
/from /
/the /
/requirement /
/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 //must //___________
Purchase //-money //security //interest //in //household //goods
Reg /
/AA //- /
/confession /
/of /
/judgement /
/clause, /
/waiver /
/of //exemption //clause, //and //assignment //of //wages //are //permitted //- //verified //answer(s)-
✔✔ Which /
/of /
/the /
/following /
/is //
a /
/contract /
/provision /
/permitted //under //Regulation //AA //rules //regarding //unfair //or //deceptive //acts //or //practices?
FDCPA /
/does /
/not /
/apply /
/to /
/debts /
/collected /
/by /
/bank /
/employees, /
/however, /
/the /
/employees /
/should //be //trained //to //refrain //from //the //unfair //and //abusive //provisions //of //the //act.
FDCPA //- //verified //answer(s)-
✔✔ The /
/head /
/of /
/the /
/bank's /
/collections /
/and /
/recovery /
/department /
/called /
/you /
/to /
/ask /
/about //
a /
/proposed /
/process /
/improvement /
/that /
/he /
/is /
/considering /
Rounded //up //to //the //nearest //thousand
Use //whole //dollars //- //verified //answer(s)-
✔✔ The /
/dollar /
/amount /
/of /
/the /
/application /
/reported //on //the //HMDA //LAR //should //be //recorded //as //a //number //that //is //____________.
2 //months
Garnishments //- //verified //answer(s)-
✔✔ When /
/your /
/bank /
/receives //
a /
/garnishment /
/order /
/for /
/an /
/account /
/that /
/potentially /
/contains /
/federal /
/benefit /
/payments, /
/how /
/long /
/of //
a /
/lookback /
/period //is //the //bank //required //to //check //the //account //for //covered //benefit //payments?
The //bank //is //asked //to //provide //additional //information //about //ans //IRS //Form //1099.
Cannot //release //info //on //legal //issues //- //verified //answer(s)-
✔✔ In /
/which /
/of /
/the /
/following /
/situations /
/may /
/customers /
/be /
/told /
/that /
/information //about //their //accounts //has //been //requested //by //a //federal //government //agency?
Father-in-law //only
Businesses //are //exempt //- //verified //answer(s)-
✔✔ A /
/customer /
/defaults /
/on /
/his /
/automobile /
/loan /
/and /
/the /
/bank /
/threatens /
/to /
/included /
/on /
/the /
/project /
/committee /
/to /
/develop /
/and /
/implement /
/this /
/package. /
/Which /
/of /
/the /
/following /
/is //the //MOST //appropriate //role //for //you, //as //the //compliance //officer, //on //this //committee?
Review //the //bank's //branch //closing //policy //and //procedures //- //verified //answer(s)-
✔✔ Your /
/bank /
/is //considering //closing //a //branch //office. //You //should //review //which //of //the //following //FIRST?
Political //or //geographic //subdivisions //- //verified //answer(s)-
✔✔ For //
a /
/bank //located //in //an //MSA, //which //of //the //following //is //MOST //relevant //when //identifying //the
//bank's //CRA //assessment //area?
Notify /
/management //of //the //problem //with //the //brochure //and //the //risks //involved //with //its //use //- //
Compliance //Management //- //verified //answer(s)-
✔✔ You /
/have /
/recently /
/joined //
a /
/financial /
/institution /
/and /
/are /
/asked /
/to /
/review /
/the /
/products //and //services //for //compliance. //You //discover //that //one //of //the //lobby //brochures //for
//a /
/deposit /
/product /
/does /
/not /
/include /
/important //required //disclosures. //Which //of //the //following //actions //should //you //take //FIRST?
Establish /
/specific /
/procedures /
/for /
/federal //government //agencies //seeking //information //about //a //customer's //financial //records.
Financial //Privacy //Act //- //verified //answer(s)-
✔✔ The //PRIMARY //purpose //of //the //Right //to //Financial //Privacy //Act //is //to //____________.
A /
/customer /
/uses /
/cash /
/to /
/purchase /
