American Bankers Association CRCM Exam Questions Instant Access

Question 1

____________ is an agent or a subagent of the owner of an item; agency terminates when it receives payment for an item in finally collected funds and makes the proceeds available to the sender, and the time for commencing all actions against it has expired.

AClearing agent

BThe Reserve Bank

CForeign bank

DForeign banker

Answer : B

Question 2

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

ABe clear and conspicuous

BState that a privacy notice is available on request

CExplain a reasonable means by which the consumer may obtain that notice Reasonable

DMay be disclosed to the affiliates

Answer : A, B, C

Question 3

Which state receives the reporting and escheatment of unclaimed property?

AThe state where the bank is domiciled, if different from the bank holding company

BThe state of the customer's last known address, if available and not foreign

CThe state where the property is located, if a deposit account

DThe state chosen by a bank holding company, if a multistate operation

Answer : B

Question 4

Which of the following sets of policies or procedures is NOT a requirement of a security program?

APolicies addressing what to do in case of a robbery

BProcedures for opening the bank at the beginning of the day

CProcedures for keeping customer information private

DPolicies addressing periodic reporting to the board of directors

Answer : C

Question 5

Debt collectors acquiring location information from a third party:

AMust identify themselves and, if expressly asked, must identify their employer

BMust state that the call is to confirm or correct location information

COnce location information is received, may not communicate with the third party again unless the person asks the debt collector to or the debt collector reasonably believes the earlier response was erroneous or incomplete and that person now has correct or complete location information

DAll of these

Answer : D

Question 6

Unless the debt collector has express permission from the consumer or from a court, the law prohibits communication with a consumer under the following conditions EXCEPT:

AAt an unusual time or place, such as before 8:00 a.m. or after 9:00 p.m., local time at the consumer's location

BWhen the debt collector knows that the consumer is represented by an attorney in connection with the debt and the attorney's name and address are known (unless the attorney fails to respond within a reasonable period of time to communication from the debt collector)

CAt the consumer's place of employment if the debt collector doesn't know or has no reason to know that the employer forbids such communication

DIf the consumer has notified the collector in writing and asked that the collector ceases all further contact. The debt collector may, in such circumstances, notify the debtor of any special remedies available to it, notify the debtor that collection efforts are being terminated, or notify the borrower that the creditor is invoking a specific remedy.

Answer : C

Question 7

For purposes of insider lending laws and regulations, what is the definition of the term executive officer?

AAll bank officers at or above the level of executive vice president

BAnyone who has the authority to participate in major policymaking functions at the bank NOTES

CAnyone who has the authority to participate in lending decisions at the bank

DAll bank officers at or above the level of assistant vice president

Answer : B

American Bankers Association Certified Regulatory Compliance Manager CRCM Exam Questions