2024 NCRM CERTIFICATION EXAM
WITH CORRECT ANSWERS
The NCUA exam is considered a ______ focused exam to meet its statutory
obligation to oversee FICU's - CORRECT-ANSWERSRisk based exam
What is the NCUA rating system called? - CORRECT-ANSWERSCAMELS
What does CAMELS stand for? - CORRECT-ANSWERSCapital adequacy
Asset quality
Management
Earnings
Liquidity
Sensitivity to market risk
What priority suspends the requirement to categorize certain loan
modification as troubled debt restructuring - CORRECT-ANSWERSCARES
Coronavirus aid, relief and economic security act
What are the areas of emphasis for the BSA/AML supervisory priorit? -
CORRECT-ANSWERSCustomer due diligence, beneficial ownership, SAR, CTR,
314(a)
Consumer financial protect pretains to which risk categories - CORRECT-
ANSWERSCompliance risk, strategic risk, reputation risk
focus on fair lending and areas related to the pandemic. which priority does
this pertain to? - CORRECT-ANSWERSConsumer Financial protection
CARES act relates to which risk categories - CORRECT-ANSWERSCompliance
risk, Credit risk and transaction risk
BSAAML compliance relates to which risk categories - CORRECT-
ANSWERSCompliance risk
ALLL accounts relate to which risk categories - CORRECT-ANSWERSCredit risk
A review of loan underwriting standards and credit risk management
procedures is part of which priority? - CORRECT-ANSWERSCredit Risk
Management
, Credit risk management relates to which risk categories - CORRECT-
ANSWERSCredit risk and compliance risk
the use of the InTREx-CU allows examiners to id and remediate potential
high risks as well as conform with industry standard results is part of which
priority - CORRECT-ANSWERSInformation security and awareness
(cybersecurity)
Info security and awareness (cybersecurity) relates to which risk categories?
- CORRECT-ANSWERSTransaction risk, compliance risk and reputation risk
the safety and soundness of the credit unions preparation to transition to an
alternative reference rate is part of which priority - CORRECT-
ANSWERSLIBOR transition
sudden and significant share outflows, changes in cash flow projection such
as prepayment speed, decay rates, share composition, effects of loan
payment forbearance, are all related to which priority - CORRECT-
ANSWERSLiquidity risk
Liquidity risk relates to which risk categories - CORRECT-ANSWERSLiquidity
risk, credit risk and interest rate risk
Hemp related business relates to which risk categories - CORRECT-
ANSWERSCompliance, strategic, transaction and reputation
misreporting or delay of reporting of the Call report relates to what risk
categories - CORRECT-ANSWERSCompliance and reputation
risk categories related to CUSOs - CORRECT-ANSWERScredit, interest,
liquidity, reputation, transaction, compliance, strategic
risk categories related to earnings - CORRECT-ANSWERScredit, interest,
liquidity, reputation, transaction, compliance, strategic
risk categories related to electronic payment systems - CORRECT-
ANSWERScredit interest liquidity transaction reputations compliance
strategic
Electronic payments systems exposes the Credit union to third party risk -
CORRECT-ANSWERStrue
risk categories related to employee benefits and investment for employee
benefits - CORRECT-ANSWERSCredit liquidity interest rate transaction
reputation compliance strategic
WITH CORRECT ANSWERS
The NCUA exam is considered a ______ focused exam to meet its statutory
obligation to oversee FICU's - CORRECT-ANSWERSRisk based exam
What is the NCUA rating system called? - CORRECT-ANSWERSCAMELS
What does CAMELS stand for? - CORRECT-ANSWERSCapital adequacy
Asset quality
Management
Earnings
Liquidity
Sensitivity to market risk
What priority suspends the requirement to categorize certain loan
modification as troubled debt restructuring - CORRECT-ANSWERSCARES
Coronavirus aid, relief and economic security act
What are the areas of emphasis for the BSA/AML supervisory priorit? -
CORRECT-ANSWERSCustomer due diligence, beneficial ownership, SAR, CTR,
314(a)
Consumer financial protect pretains to which risk categories - CORRECT-
ANSWERSCompliance risk, strategic risk, reputation risk
focus on fair lending and areas related to the pandemic. which priority does
this pertain to? - CORRECT-ANSWERSConsumer Financial protection
CARES act relates to which risk categories - CORRECT-ANSWERSCompliance
risk, Credit risk and transaction risk
BSAAML compliance relates to which risk categories - CORRECT-
ANSWERSCompliance risk
ALLL accounts relate to which risk categories - CORRECT-ANSWERSCredit risk
A review of loan underwriting standards and credit risk management
procedures is part of which priority? - CORRECT-ANSWERSCredit Risk
Management
, Credit risk management relates to which risk categories - CORRECT-
ANSWERSCredit risk and compliance risk
the use of the InTREx-CU allows examiners to id and remediate potential
high risks as well as conform with industry standard results is part of which
priority - CORRECT-ANSWERSInformation security and awareness
(cybersecurity)
Info security and awareness (cybersecurity) relates to which risk categories?
- CORRECT-ANSWERSTransaction risk, compliance risk and reputation risk
the safety and soundness of the credit unions preparation to transition to an
alternative reference rate is part of which priority - CORRECT-
ANSWERSLIBOR transition
sudden and significant share outflows, changes in cash flow projection such
as prepayment speed, decay rates, share composition, effects of loan
payment forbearance, are all related to which priority - CORRECT-
ANSWERSLiquidity risk
Liquidity risk relates to which risk categories - CORRECT-ANSWERSLiquidity
risk, credit risk and interest rate risk
Hemp related business relates to which risk categories - CORRECT-
ANSWERSCompliance, strategic, transaction and reputation
misreporting or delay of reporting of the Call report relates to what risk
categories - CORRECT-ANSWERSCompliance and reputation
risk categories related to CUSOs - CORRECT-ANSWERScredit, interest,
liquidity, reputation, transaction, compliance, strategic
risk categories related to earnings - CORRECT-ANSWERScredit, interest,
liquidity, reputation, transaction, compliance, strategic
risk categories related to electronic payment systems - CORRECT-
ANSWERScredit interest liquidity transaction reputations compliance
strategic
Electronic payments systems exposes the Credit union to third party risk -
CORRECT-ANSWERStrue
risk categories related to employee benefits and investment for employee
benefits - CORRECT-ANSWERSCredit liquidity interest rate transaction
reputation compliance strategic
