For Expert help and assignment handling,
1
CRCM Final Test Questions and Answers (100%
Correct Answers) Already Graded A+
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:
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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
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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
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2
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.
© 2026 Assignment Expert
CRA
A recent regulatory change increased the amount of FDIC insurance
coverage for individual depositors. The compliance manager should
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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
, For Expert help and assignment handling,
3
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
© 2026 Assignment Expert
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.
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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.
1
CRCM Final Test Questions and Answers (100%
Correct Answers) Already Graded A+
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:
© 2026 Assignment Expert
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
Guru01 - Stuvia
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
,For Expert help and assignment handling,
2
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.
© 2026 Assignment Expert
CRA
A recent regulatory change increased the amount of FDIC insurance
coverage for individual depositors. The compliance manager should
Guru01 - Stuvia
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
, For Expert help and assignment handling,
3
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
© 2026 Assignment Expert
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.
Guru01 - Stuvia
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.
