American Bankers Association CRCM Exam Questions Instant Access

Question 1

Roberta Milton's car lease with First National Bank reached its termination on August 1. Roberta and the bank agreed to extend the lease on a month-tomonth basis without charging her a fee for doing so. What disclosure responsibilities does the bank have now?

ANone are needed now.

BNone, until after six months of the month-to-month lease

CThe bank must make an entirely new initial disclosure

DThe bank must disclose the estimated residual value at the end of six months

Answer : B

Question 2

Under Regulation U, prior to extending credit secured by margin stock for more than $100,000, a national bank must obtain which of the following?

ACertificate of value for the collateral

BWritten statement from the borrower as to the purpose of the loan

CWritten statement certifying the borrower's business address and daytime phone number

DNotice from the borrower as to his willingness to provide additional margin stock as collateral

Answer : B

Question 3

There is no error in an error in EFT when there is situation as:

AThe reversal of a direct deposit made in error is not considered an unauthorized EFT if the deposit was made to the wrong customer's account, a duplicate was made to the customer's account, or a credit was made in the wrong amount

BA request for duplicate copies of statements

CThe failure to receive a receipt from an electronic terminal when the transaction amount is $25 or more

DA returning request for information for tax or recordkeeping purposes

Answer : A, B

Question 4

Martha Smith of First National Bank is attempting to close a large commercial loan to a manufacturing equipment company. In negotiating the interest rate on the loan Martha states that if the company will move some of its demand accounts to the bank, it could get a lower interest rate. Is this wrong?

AYes. It violates the anti-tying provisions.

BYes. It is a restraint of trade.

CNo, unless moving the accounts is a condition of the loan..

DNo. The bank may condition the loan on the customer placing a deposit in the bank.

Answer : D

Question 5

A bank may include all of the following in the narrative portion of its financial disclosure except for one. Which of these pieces of information CANNOT be disclosed?

AInformation relating to mergers and acquisitions

BInformation related to a regulatory enforcement action that currently applies to the bank

CAn excerpt from the latest regulatory examination prepared by the bank's regulatory agency

DThe bank's future plans for product development

Answer : C

Question 6

What are holders of unclaimed property required to do?

AMail a notification to customers whose accounts may escheat to the state

BCharge customers ''inactive/unclaimed'' fees for accounts that are dormant

CPublish in a local paper the owners' names of accounts that will escheat

DDiscontinue paying interest on dormant accounts

Answer : A

Question 7

A bank has been criticized by an examiner for less than satisfactory CRA performance. The bank must show improvement in its commitment to CR A. For the examiner, what would be LEAST effective in demonstrating the change?

AInforming the examiner that the bank does not plan to acquire or merge with another bank, so CRA is not a priority

BGiving the examiner an updated CRA public file

CShowing the examiner a list of community groups with which the bank has met in the past 24 months to discuss credit needs

DShowing the examiner results of the bank's most recent geocoding analysis, indicating parity in the number of loans made in each census tract

Answer : A

American Bankers Association Certified Regulatory Compliance Manager CRCM Exam Questions