Most Recent American Bankers Association CRCM Exam Questions & Answers

Prepare for the American Bankers Association Certified Regulatory Compliance Manager exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the American Bankers Association CRCM exam and achieve success.

The questions for CRCM were last updated on Dec 21, 2024.

Viewing page 1 out of 93 pages.
Viewing questions 1-5 out of 463 questions

Get All 463 Questions & Answers

Question No. 1

The senior lender at ABC bank would like to make stated income mortgage loans (i.e., loans where the bank does not verify the applicant's income) to mortgage customers, including subprime borrowers. Under the statement on subprime mortgage lending, which of the following is the best statement of the bank's responsibility regarding this new program?

ADue to the risks, it should not implement such a program for subprime borrowers

BThe bank should make a policy for this program that includes mitigating factors for the risks

CThe bank should set stringent debt-to-income ratios for these loans

DThe bank should establish workout procedures for such loans in advance of making them.

Show Answer

Correct Answer: B

Question No. 2

ACME Bank has a separate page on its Web site where it describes insurance products, such as life insurance and health and disability insurance. The page invites consumers to call the bank officer in charge of selling these products.The Web site's lending page also describes consumer loans and uses the following phrase: ''Have peace of mind---credit life and disability insurance are available on all consumer loans to qualified borrowers.'' Neither the insurance page nor the lending page mentions insured deposits. What does ACME need to do to make sure its Web site is in compliance?

ANothing. As long as the insurance products are segregated, the Web site is in compliance.

BPlace the advertising disclosures (not a deposit, not insured by the FDIC, and so on) on the insurance page.

CPlace the advertising disclosures on both the Web site's insurance page and its lending page.

DCreate a separate Web site for all insurance products.

Show Answer

Correct Answer: C

Question No. 3

FDIC guidance lists three requirements to ensure compliance with spousal signature rules include all of the following EXCEPT:

AReview and revise policies
Eliminate policies or procedures that are inconsistent with the requirements
Expand loan policies and procedures to provide loan staff with specific guidance on state law(s) regarding requiring signatures Cover the laws of all states where the creditor institution does business Create checklists to address situations when spousal signatures can be required

BProvide training to consumer and commercial loan staff

CImplement monitoring and auditing programs to check for spousal signature violations

DMust allow an applicant to designate a birth-given first name and a birth-given, surname, spouse's surname, or combination

Show Answer

Correct Answer: D

Question No. 4

A current member of the board of directors at First Savings Association (an institution with $150 million in total assets) was a director at First National Bank (an institution with total assets of $200 million) for many years. The two institutions are located in the same town. Before being elected to the board of First Savings, the director retired from the First National boarD. To honor his years of service with First National, the bank made him a director emeritus for life. He can attend any board meeting but cannot vote. He may speak to matters before the board and receives a director's fee. In actuality, however, the director never attends board meetings. Does this relationship violate Regulation L?

ANo, because he does not attend meetings.

BNo, because he cannot vote.

CYes, because he receives a fee.

DYes, because he is really an honorary director.

Show Answer

Correct Answer: D

Question No. 5

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?

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

BWhen the bank officer personally knows the individual pledging the certificate.

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

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

Show Answer

Correct Answer: A

Unlock All Questions for American Bankers Association CRCM Exam

Full Exam Access, Actual Exam Questions, Validated Answers, Anytime Anywhere, No Download Limits, No Practice Limits

Get All 463 Questions & Answers