CERTIFIED REGULATORY COMPLIANCE
MANAGER (CRCM) EXAM QUESTION
AND CORRECT ANSWERS (VERIFIED
ANSWERS) PLUS RATIONALES 2026 Q&A
INSTANT DOWNLOAD PDF
1. The primary purpose of a compliance management system (CMS) is to
A. Maximize profitability
B. Ensure adherence to applicable laws and regulations
C. Eliminate all operational risk
D. Replace internal audit
Answer: B
Rationale: A CMS is designed to ensure an organization complies with applicable
consumer protection laws and regulations.
2. Which regulation primarily addresses unfair, deceptive, or abusive acts or
practices (UDAAP)?
A. Fair Credit Reporting Act
B. Truth in Lending Act
C. Dodd-Frank Act
D. Bank Secrecy Act
Answer: C
Rationale: The Dodd-Frank Act granted authority to address UDAAP issues.
3. The Bank Secrecy Act (BSA) is primarily concerned with
A. Consumer disclosures
B. Anti-money laundering
, C. Fair lending
D. Data privacy
Answer: B
Rationale: The BSA establishes requirements to detect and prevent money
laundering and terrorist financing.
4. Suspicious Activity Reports (SARs) must generally be filed within how many
days of detection?
A. 15 days
B. 30 days
C. 45 days
D. 90 days
Answer: B
Rationale: SARs are generally required to be filed within 30 calendar days of
initial detection.
5. Which law requires financial institutions to verify the identity of customers?
A. GLBA
B. USA PATRIOT Act
C. FACTA
D. ECOA
Answer: B
Rationale: The USA PATRIOT Act introduced Customer Identification Program
(CIP) requirements.
6. The primary regulator for national banks is the
A. FDIC
B. Federal Reserve
C. OCC
D. CFPB
Answer: C
Rationale: The Office of the Comptroller of the Currency supervises national
banks.
, 7. The Equal Credit Opportunity Act prohibits discrimination based on all
except
A. Race
B. Religion
C. Marital status
D. Income level
Answer: D
Rationale: Income level itself is not a protected class under ECOA.
8. Which regulation implements the Equal Credit Opportunity Act?
A. Regulation B
B. Regulation C
C. Regulation E
D. Regulation Z
Answer: A
Rationale: Regulation B implements ECOA requirements.
9. The Truth in Lending Act is implemented by
A. Regulation DD
B. Regulation CC
C. Regulation Z
D. Regulation P
Answer: C
Rationale: Regulation Z implements TILA disclosure requirements.
10.Which law focuses on protecting consumers’ nonpublic personal
information?
A. FCRA
B. GLBA
C. HMDA
D. CRA
MANAGER (CRCM) EXAM QUESTION
AND CORRECT ANSWERS (VERIFIED
ANSWERS) PLUS RATIONALES 2026 Q&A
INSTANT DOWNLOAD PDF
1. The primary purpose of a compliance management system (CMS) is to
A. Maximize profitability
B. Ensure adherence to applicable laws and regulations
C. Eliminate all operational risk
D. Replace internal audit
Answer: B
Rationale: A CMS is designed to ensure an organization complies with applicable
consumer protection laws and regulations.
2. Which regulation primarily addresses unfair, deceptive, or abusive acts or
practices (UDAAP)?
A. Fair Credit Reporting Act
B. Truth in Lending Act
C. Dodd-Frank Act
D. Bank Secrecy Act
Answer: C
Rationale: The Dodd-Frank Act granted authority to address UDAAP issues.
3. The Bank Secrecy Act (BSA) is primarily concerned with
A. Consumer disclosures
B. Anti-money laundering
, C. Fair lending
D. Data privacy
Answer: B
Rationale: The BSA establishes requirements to detect and prevent money
laundering and terrorist financing.
4. Suspicious Activity Reports (SARs) must generally be filed within how many
days of detection?
A. 15 days
B. 30 days
C. 45 days
D. 90 days
Answer: B
Rationale: SARs are generally required to be filed within 30 calendar days of
initial detection.
5. Which law requires financial institutions to verify the identity of customers?
A. GLBA
B. USA PATRIOT Act
C. FACTA
D. ECOA
Answer: B
Rationale: The USA PATRIOT Act introduced Customer Identification Program
(CIP) requirements.
6. The primary regulator for national banks is the
A. FDIC
B. Federal Reserve
C. OCC
D. CFPB
Answer: C
Rationale: The Office of the Comptroller of the Currency supervises national
banks.
, 7. The Equal Credit Opportunity Act prohibits discrimination based on all
except
A. Race
B. Religion
C. Marital status
D. Income level
Answer: D
Rationale: Income level itself is not a protected class under ECOA.
8. Which regulation implements the Equal Credit Opportunity Act?
A. Regulation B
B. Regulation C
C. Regulation E
D. Regulation Z
Answer: A
Rationale: Regulation B implements ECOA requirements.
9. The Truth in Lending Act is implemented by
A. Regulation DD
B. Regulation CC
C. Regulation Z
D. Regulation P
Answer: C
Rationale: Regulation Z implements TILA disclosure requirements.
10.Which law focuses on protecting consumers’ nonpublic personal
information?
A. FCRA
B. GLBA
C. HMDA
D. CRA
