CRCM LATEST 100 EXAMINABLE SAMPLE
QUESTIONS AND CORRECT ANSWERS
GRADED A+ GUARANTEEING 100%
SUCCESS
1. 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 Correct
Answer B
2. 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
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 Correct Answer A
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'' Correct Answer D
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 ____________.
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
Correct Answer D
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 Correct
Answer D
6. During the past several years, a bank has acquired several
banks through merger. Management has decided to standardize
the various deposit products into a simplified list of products, and
to change all accounts accordingly. This will create beneficial
changes for some customers and adverse changes for others.
With regard to informing customers of the changes under
Regulation DD, the BEST course of action is to ____________.
A. do nothing, because a disclosure need not be given when an
institution acquires an account through acquisition or merger
B. send a notice to all account holders with the first statement
that reflects the changes
, C. revise the disclosures and mail them with a letter describing
the changes, and stating that account holders should read about
the new accounts
D. send a message via periodic statement that changes will
occur and that account holders should request a disclosure
showing the new Correct Answer C
7. 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 ____________.
A. the problem must be corrected by the utility company
B. the bank has no liability, but will discontinue the transfer
effective as of the next billing cycle
C. federal law requires 30-day prior written notice to stop
payment on preauthorized transfers
D. the account will be credited promptly Correct Answer D
8. For a bank located in an MSA, which of the following is MOST
relevant when identifying the bank's CRA assessment area?
A. Competitors' trade areas
B. Data derived from marketing surveys
QUESTIONS AND CORRECT ANSWERS
GRADED A+ GUARANTEEING 100%
SUCCESS
1. 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 Correct
Answer B
2. 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
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 Correct Answer A
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'' Correct Answer D
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 ____________.
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
Correct Answer D
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 Correct
Answer D
6. During the past several years, a bank has acquired several
banks through merger. Management has decided to standardize
the various deposit products into a simplified list of products, and
to change all accounts accordingly. This will create beneficial
changes for some customers and adverse changes for others.
With regard to informing customers of the changes under
Regulation DD, the BEST course of action is to ____________.
A. do nothing, because a disclosure need not be given when an
institution acquires an account through acquisition or merger
B. send a notice to all account holders with the first statement
that reflects the changes
, C. revise the disclosures and mail them with a letter describing
the changes, and stating that account holders should read about
the new accounts
D. send a message via periodic statement that changes will
occur and that account holders should request a disclosure
showing the new Correct Answer C
7. 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 ____________.
A. the problem must be corrected by the utility company
B. the bank has no liability, but will discontinue the transfer
effective as of the next billing cycle
C. federal law requires 30-day prior written notice to stop
payment on preauthorized transfers
D. the account will be credited promptly Correct Answer D
8. For a bank located in an MSA, which of the following is MOST
relevant when identifying the bank's CRA assessment area?
A. Competitors' trade areas
B. Data derived from marketing surveys
