For Expert help and assignment handling,
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CRCM Sample Exam Questions and Answers
(100% Correct Answers) Already Graded A+
A financial institution offers residential loans. After reading a new
regulation that expands HOEPA coverage, the compliance officer
analyzes the institution's lending portfolio and determines that no existing
loans are covered. The compliance officer should NEXT _______
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a. advise management to sell that portion of the mortgage portfolio.
b. incorporate the new HOEPA triggers into existing training and
procedures.
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c. purchase new software that identifies HOEPA covered loans.
d. draft a policy covering the new HOEPA rules. Ans: b. incorporate the
new HOEPA triggers into existing training and procedures.
A bank has been meeting periodically with a local community activist
group to get the group's input on the needs of the community and how
the bank can help serve those needs through its lending activities. The
bank president read an article about the CRA Sunshine Regulation and
asked the compliance officer what the bank's responsibilities are under
this regulation as it relates to these meetings with the community group.
Which of the following best represents the bank's responsibilities under
the CRA Sunshine Regulation?
a. The bank must document in writing the minutes of all meetings and
place the minutes in its CRA Public File.
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b. The bank has no responsibilities under the CRA Sunshine Regulation in
relation to the meetings
c. If the bank and the community group agree to any specific actions
during the meetings, the bank must make those agreements public.
d. If the meeting last for more than 3 years, the bank must Ans: b. The
bank has no responsibility under the CRA Sunshine Regulation in relation
to the meetings.
© 2026 Assignment Expert
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
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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 deliver system
d. Identifying the consumer protection regulatory provisions on liability
and error resolution. Ans: d. Identifying the consumer protection
regulatory provisions on liability and error resolution.
When you 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?
a. 2 months
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b. 1 month
c. 6 months
d. 2 months Ans: a. 2 months
The marketing officer requests your review of a savings account
proposal. Savings accounts currently pays .5% interest, compounded
daily. She proposes that the compounding basis be changed to
© 2026 Assignment Expert
quarterly. This will result in significant savings to the bank, with little
customer attrition. In reviewing the current savings brochure provided to
customers, you note the brochure states that the rate will compound
daily. It also states that the bank reserves the right to require a 30-day
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notice prior to a withdrawal from a savings account. The bank has never
exercised this right and there are currently no plans to do so. The
brochure further states that the bank reserves the right to amend deposit
contract terms by providing 21-day advance notice to the depositor.
State laws are silent with respect to changes on deposit accounts. Which
of the following describes the correct number of days of advance notice
of an adverse chan Ans: c. 30, Regulation DD
The bank made a purpose loan to a customer secured by margin stock.
Now the customer wants to sell that stock and provide a substitution. The
withdrawal and substitution is permitted under which of the following
circumstances?
a. the borrower completes a new FR-U-1
b. the loan is converted to an unsecured loan
c. the withdrawal and substitution will not cause the existing loan to
exceed the maximum 50% loan to collateral value
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d. the withdrawal/substitution is not permitted Ans: c. the withdrawal
and substitution will not cause the existing loan to exceed the maximum
50% loan to collateral value.
ABC Bank was informed by its examiners that a bank practice was
potentially unfair because it met ALL BUT which of the following
standards of unfairness under UDAAP in the Dodd-Frank Act?
a. the practice is likely to cause substantial injury to consumers
© 2026 Assignment Expert
b. the practice is prohibited by regulation
c. the injury to the customer is not reasonably avoidable by the
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consumer
d. the injury is not outweighed by a counterveiling benefit to the
customer Ans: b. the practice is not prohibited by the regulation
A number of bank customers are members of the Army Reserve and
have been called to active duty for 6 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?
a. The bank is in full compliance with the Servicemember's Civil Relief
Act.
1
CRCM Sample Exam Questions and Answers
(100% Correct Answers) Already Graded A+
A financial institution offers residential loans. After reading a new
regulation that expands HOEPA coverage, the compliance officer
analyzes the institution's lending portfolio and determines that no existing
loans are covered. The compliance officer should NEXT _______
© 2026 Assignment Expert
a. advise management to sell that portion of the mortgage portfolio.
b. incorporate the new HOEPA triggers into existing training and
procedures.
Guru01 - Stuvia
c. purchase new software that identifies HOEPA covered loans.
d. draft a policy covering the new HOEPA rules. Ans: b. incorporate the
new HOEPA triggers into existing training and procedures.
A bank has been meeting periodically with a local community activist
group to get the group's input on the needs of the community and how
the bank can help serve those needs through its lending activities. The
bank president read an article about the CRA Sunshine Regulation and
asked the compliance officer what the bank's responsibilities are under
this regulation as it relates to these meetings with the community group.
Which of the following best represents the bank's responsibilities under
the CRA Sunshine Regulation?
a. The bank must document in writing the minutes of all meetings and
place the minutes in its CRA Public File.
,For Expert help and assignment handling,
2
b. The bank has no responsibilities under the CRA Sunshine Regulation in
relation to the meetings
c. If the bank and the community group agree to any specific actions
during the meetings, the bank must make those agreements public.
d. If the meeting last for more than 3 years, the bank must Ans: b. The
bank has no responsibility under the CRA Sunshine Regulation in relation
to the meetings.
© 2026 Assignment Expert
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
Guru01 - Stuvia
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 deliver system
d. Identifying the consumer protection regulatory provisions on liability
and error resolution. Ans: d. Identifying the consumer protection
regulatory provisions on liability and error resolution.
When you 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?
a. 2 months
,For Expert help and assignment handling,
3
b. 1 month
c. 6 months
d. 2 months Ans: a. 2 months
The marketing officer requests your review of a savings account
proposal. Savings accounts currently pays .5% interest, compounded
daily. She proposes that the compounding basis be changed to
© 2026 Assignment Expert
quarterly. This will result in significant savings to the bank, with little
customer attrition. In reviewing the current savings brochure provided to
customers, you note the brochure states that the rate will compound
daily. It also states that the bank reserves the right to require a 30-day
Guru01 - Stuvia
notice prior to a withdrawal from a savings account. The bank has never
exercised this right and there are currently no plans to do so. The
brochure further states that the bank reserves the right to amend deposit
contract terms by providing 21-day advance notice to the depositor.
State laws are silent with respect to changes on deposit accounts. Which
of the following describes the correct number of days of advance notice
of an adverse chan Ans: c. 30, Regulation DD
The bank made a purpose loan to a customer secured by margin stock.
Now the customer wants to sell that stock and provide a substitution. The
withdrawal and substitution is permitted under which of the following
circumstances?
a. the borrower completes a new FR-U-1
b. the loan is converted to an unsecured loan
c. the withdrawal and substitution will not cause the existing loan to
exceed the maximum 50% loan to collateral value
, For Expert help and assignment handling,
4
d. the withdrawal/substitution is not permitted Ans: c. the withdrawal
and substitution will not cause the existing loan to exceed the maximum
50% loan to collateral value.
ABC Bank was informed by its examiners that a bank practice was
potentially unfair because it met ALL BUT which of the following
standards of unfairness under UDAAP in the Dodd-Frank Act?
a. the practice is likely to cause substantial injury to consumers
© 2026 Assignment Expert
b. the practice is prohibited by regulation
c. the injury to the customer is not reasonably avoidable by the
Guru01 - Stuvia
consumer
d. the injury is not outweighed by a counterveiling benefit to the
customer Ans: b. the practice is not prohibited by the regulation
A number of bank customers are members of the Army Reserve and
have been called to active duty for 6 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?
a. The bank is in full compliance with the Servicemember's Civil Relief
Act.
