A+
CRCM Sample Exam 2025/2026 Exam
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
1. ABC Bank is considering offering a special loan promotion in conjunction with
the local cosmetic surgeon, Dr. Tucker, PC. The bank's loan application forms will
be available in the doctor's office and patients who want to finance cosmetic
surgery procedures can arrange financing directly with the bank. Dr. Tucker's
officer will refer patients to the bank and provide bank application forms upon
request. The bank's application forms include an authorization that the applicant
signs allowing the bank to obtain information from Dr. Tucker's office as necessary
to process the application for credit. Which of the following is true in connection
with such applications?
A. the bank is permitted to contact the doctor's officer to determine and verify the
medical purpose of the loan
1
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
B. the bank is not permitted to contact the doctor's office for information relating
to the credit application
C. the bank is permitted to - 🧠ANSWER ✔✔A
2378070B62CD4C4D9877272589CAF7A1
The correct answer is a. Incorrect.
2. 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 ____________.
A. requires the consumer to mail the form back to the bank to be effective
B. requires the signatures of all joint account holders to be effective for joint
accounts
C. requires the consumer to call a toll-free telephone number during normal
business hours in order to opt-out
D. permits its on-line banking customers to opt out electronically by completing
the form on the bank's on-line banking site - 🧠ANSWER ✔✔B
2
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
506021D5DE194158A205EACA9A0CA659
The correct answer is b. Incorrect.
3. 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 ____________.
A. Zero dollar amount
B. income information, regardless of its policy
C. income information, but may use codes to protect the employee's identity
D. code for ''not applicable'' - 🧠ANSWER ✔✔D
96D68F041C6B42DC974769251836EA6D
The correct answer is d. Incorrect.
4. You learn that your bank has created a report of all deposit and loan customers.
Presumed gender and ethnicity for each customer has been assigned based on
customer first and/or last names. You should tell management that they
____________.
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
A. Must destroy the report because of fair lending concerns
B. May provide the report to a third party vendor who is using it to determine who
will receive a flyer about home equity loans
C. Must provide the report to an affiliate for marketing purposes
D. May use the report to conduct an internal fair lending review - 🧠ANSWER
✔✔D
907B516F47574992ACB55CAA31C5DDD3
The correct answer is d. Incorrect.
5. During a review of your bank's customer identification procedures, you are
likely to find regulatory deficiencies if the bank does NOT ____________.
A. require a CIP log at each branch in the prescribed format
B. require its employees to copy the customer's driver's license
C. permit a passport as an acceptable form of identification
D. require verification of the identity of each customer - 🧠ANSWER ✔✔D
E00F3D42457349F18B19424A87ECD6A5
4
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
CRCM Sample Exam 2025/2026 Exam
Questions with Detailed Verified
Answers (100% Correct Answers) |
Already Graded A+
1. ABC Bank is considering offering a special loan promotion in conjunction with
the local cosmetic surgeon, Dr. Tucker, PC. The bank's loan application forms will
be available in the doctor's office and patients who want to finance cosmetic
surgery procedures can arrange financing directly with the bank. Dr. Tucker's
officer will refer patients to the bank and provide bank application forms upon
request. The bank's application forms include an authorization that the applicant
signs allowing the bank to obtain information from Dr. Tucker's office as necessary
to process the application for credit. Which of the following is true in connection
with such applications?
A. the bank is permitted to contact the doctor's officer to determine and verify the
medical purpose of the loan
1
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
B. the bank is not permitted to contact the doctor's office for information relating
to the credit application
C. the bank is permitted to - 🧠ANSWER ✔✔A
2378070B62CD4C4D9877272589CAF7A1
The correct answer is a. Incorrect.
2. 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 ____________.
A. requires the consumer to mail the form back to the bank to be effective
B. requires the signatures of all joint account holders to be effective for joint
accounts
C. requires the consumer to call a toll-free telephone number during normal
business hours in order to opt-out
D. permits its on-line banking customers to opt out electronically by completing
the form on the bank's on-line banking site - 🧠ANSWER ✔✔B
2
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
506021D5DE194158A205EACA9A0CA659
The correct answer is b. Incorrect.
3. 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 ____________.
A. Zero dollar amount
B. income information, regardless of its policy
C. income information, but may use codes to protect the employee's identity
D. code for ''not applicable'' - 🧠ANSWER ✔✔D
96D68F041C6B42DC974769251836EA6D
The correct answer is d. Incorrect.
4. You learn that your bank has created a report of all deposit and loan customers.
Presumed gender and ethnicity for each customer has been assigned based on
customer first and/or last names. You should tell management that they
____________.
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
, A+
A. Must destroy the report because of fair lending concerns
B. May provide the report to a third party vendor who is using it to determine who
will receive a flyer about home equity loans
C. Must provide the report to an affiliate for marketing purposes
D. May use the report to conduct an internal fair lending review - 🧠ANSWER
✔✔D
907B516F47574992ACB55CAA31C5DDD3
The correct answer is d. Incorrect.
5. During a review of your bank's customer identification procedures, you are
likely to find regulatory deficiencies if the bank does NOT ____________.
A. require a CIP log at each branch in the prescribed format
B. require its employees to copy the customer's driver's license
C. permit a passport as an acceptable form of identification
D. require verification of the identity of each customer - 🧠ANSWER ✔✔D
E00F3D42457349F18B19424A87ECD6A5
4
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
