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CRCM Online Practice Questions and Answers

Questions 4

In Consumer Leasing Act Content of non-segregated disclosures may be made separately or as part of another document (such as the lease agreement); however, other information cannot be stated, used, or placed so as to mislead or confuse the consumer. Other disclosures include all of the following EXCEPT:

A. A statement of the conditions under which the lessee or lessor may terminate the lease before the end of the lease term, along with the amount (or a description of the method of how the amount is determined) of any penalty or other charge for early termination

B. Whether the lessee has the option to purchase the leased property during the lease term and, if applicable, the purchase price (or method for determining it) and when the lessee may exercise it

C. The lessee's right to an independent appraisal of the property if the lessee's liability at the end of the lease is based on the realized value of the leased property, and that the appraisal will be binding on all parties

D. A statement of maintenance responsibilities including the counter bank responsible and a description of the responsibility

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Questions 5

An oral or written request for credit made in accordance with the creditor's procedures for the type of credit requested. Information entered into and retained by a computer system qualifies as a written application. It is called:

A. Credit Application

B. Credit completed application

C. Initial credit approach

D. None of these

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Questions 6

These are the definitions of : The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type. A refusal to increase the amount of credit available to an applicant who has made an application for an increase.

A. Adverse action-12 CFR 202.2(c)

B. Special-purpose credit-12 CFR 202.8

C. Refusals- 12 CFR 202.8

D. security agreements-12 CFR 202.2(c)

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Questions 7

According to FDIC Guidance on Spousal Signature Provisions, if the creditor requires the spouse's signature on an instrument that imposes personal liability, the creditor's belief should be:

A. Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state's attorney general

B. Supported by a thorough review of pertinent statutes

C. Supported by decisional law

D. Supported by an opinion of the state's attorney general

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Questions 8

The OCC recommends all but one of the following actions to help prevent a national bank's purchasing or acquiring predatory or abusive loans. Which practice is NOT recommended?

A. Establish policies on the bank's relationship with third-party brokers and originators

B. Review loan documentation

C. Audit the third-party broker

D. Require the broker to establish a reserve account for legal contingencies

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Questions 9

What is the maximum number of government securities transactions a bank may have and still remain exempt from the Government Securities Act?

A. 100 per year

B. 250 per year

C. 400 per year

D. 499 per year

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Questions 10

Generally, a financial institution is required to ascertain if securities certificates they have taken by pledge, transfer, or otherwise have been reported as missing, lost, counterfeit, or stolen. When is it NOT required to take such actions?

A. When the securities certificate is received directly from the issuer or issuing agent at issuance.

B. When the bank officer personally knows the individual pledging the certificate.

C. When the securities certificate received as part of a transaction has a face value of $20,000 or less.

D. When the securities certificate is received directly from an insured delivery service.

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Questions 11

Which of the following businesses would be eligible to be an exempt person under the requirements of the Bank Secrecy Act?

A. Jackson's Used Cars

B. Evanston Recreational Boats

C. Al Williams Seafood Restaurant

D. Goldsmith Aircraft Distributors

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Questions 12

One of the check collection requirements is sending items to Reserve Banks. In this requirement:

A. A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account

B. The following parties are deemed to have handled items, in this order: The initial sender The initial sender's administrative Reserve Bank The Reserve Bank that receives the item from the initial sender Any other Reserve Bank that receives the item from a Reserve Bank

C. Reserve Banks must receive cash items and other items (checks) at par

D. A foreign bank that maintains reserves under the International Banking Act of 1978

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Questions 13

First National Bank, a U.S. bank, is contacted by Manufacturing Company, InC. , a U.S. company, to finance its transaction with Country Z, a boycotting country. Payment will be made through a letter of credit in favor of Manufacturing Company at its U.S. address. First National Bank knows that the letter of credit will contain restrictive boycott conditions that would prevent the bank from implementing it. First National Bank suggests to Manufacturing Company, InC. , that it set up a shell corporation in Country Y, a nonboycotting country, and have the shell corporation be the beneficiary of the letter of credit. Does First National Bank have any problem with this transaction?

A. No. The transaction is now not subject to Department of Commerce regulations because the beneficiary is not a U.S. company.

B. Yes. The transaction is set up to evade the regulation and First National Bank is liable.

C. No. The transaction is set up to evade the regulation, but First National Bank is not liable because Manufacturing Company, InC. , actually effected the transaction.

D. No. First National should have Manufacturing Company, InC. , sign a statement accepting full responsibility for the establishment of the shell corporation.

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Questions 14

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

A. Ms. Redmond must report the counterfeit funds on a SAR and must name the most likely individual(s) on the report.

B. Ms. Redmond must report the counterfeit funds on a SAR but is not required to name any individual(s) on the report.

C. Ms. Redmond need not file a SAR on this incident because the total amount is less than $25,000.

D. Ms. Redmond need not report this incident on a SAR because each incident is less than $5,000.

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Questions 15

When all the required information is NOT provided by a person purchasing a cashier's check with $8,000 in currency, what should the bank do?

A. Refuse the transaction

B. Complete the transaction and record available information

C. Complete the transaction and file a SAR

D. Complete the transaction and insist that the customer return with the required information

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Questions 16

Which of the following is NOT a written record the bank should retain in complying with the Bank Bribery Act?

A. A copy of the bank's internal code of conduct

B. A list of all gifts received by bank officers during the year

C. Disclosures of unauthorized gifts

D. A list of all bank officers' outside business interests

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Questions 17

Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?

A. The financial strength of the applicant

B. The management strength of the applicant

C. The current nonbanking activities of the applicant

D. The effect of the transaction on competition

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Questions 18

Which of the following must be included in a branch closing notice to a bank's regulatory agency?

A. Comments from customers who oppose the closing

B. Detailed statement of the reasons for the closing

C. Copy of the notice to be sent to affected customers

D. Copy of board minutes reflecting the decision to close

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Exam Code: CRCM
Exam Name: Certified Regulatory Compliance Manager CRCM
Last Update: Mar 19, 2025
Questions: 463 Q&As

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