ABA-Certified Regulatory Compliance Manager - CRCM Set 2

Question - 15 Maximum mark : - 28

Home
All Exams
ABA-Certified Regulatory Compliance Manager - CRCM Online Practice Exams
ABA-Certified Regulatory Compliance Manager - CRCM Set 2

When helping a loan officer determine whether the bank must give a written adverse action notice to a business loan applicant, what should the compliance officer consider?

Current net income ✘ Gross revenue for the preceding year ✘ Length of time the applicant has been in business ✘ Type of business entity (that is, corporation, partnership, or sole proprietorship) ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Which of the following describes the record retention requirements under Regulation B for a credit application from a business with annual gross revenues in excess of$1,000,000?

The bank must retain records for 30 days; however, if a written statement of action is requested, the bank must retain the records for 90 days. ✘ After 6 months, the bank must dispose of the applications and records in accordance with waste disposal rules promulgated by the EPA. ✘ The bank must retain records for 12 months if a written statement of adverse action is requested within 60 days after notifying the applicant of the action taken. ✘ The bank must retain records for 25 months from the date of application. ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner ✘ The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner ✘ The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner ✘ None of these ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Any person in one of the following category can be debt collector:

A person operating a business whose principal purpose is to collect debts A person who regularly collects or attempts to collect debts owed to another (this includes outside counsel who collects debts on behalf of the financialinstitution) A creditor who collects its own debts using a name other than its own, giving the impression that a third party is collecting it A creditor who collects its own debts because of his forefathers

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

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:

At 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 ✘ When 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) ✘ At 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 ✘ If the consumer has notified the collector in writing and asked that the collector ceases all further contact. The debt collector may, in such circumstances, notifythe 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 & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Debt collector may not abuse or harass the consumer by:

Using or threatening to use violence or to harm the physical person, reputation, or property of any person when collecting a debt ✘ Using obscene, profane, or abusive language when communicating with anyone ✘ Allowing a telephone to ring repeatedly or engaging a person in telephone conversations repeatedly with the intent to abuse or harass ✘ Making telephone calls without meaningful disclosure of the caller's identity ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

A sender and any prior collecting banks grant a security interest to the sender's administrative Reserve Bank in all of their respective assets in the possession of the Reserve Bank to secure any of their obligations to the Reserve Bank. This security interest attaches when any warranty is breached or any obligation to the Reserve Bank is incurred. The Reserve Bank may take any action under applicable law to enforce its security interest; including exercising its right to set off amounts against any funds it holds. This situation holds true when:

Item is sent to a Reserve Bank ✘ Reserve Bank recovers ✘ Bank makes for a substitute check ✘ Sender identifies liability to Reserve Bank ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

The Reserve Bank may recover by charging any account on its books maintained by the sender if:

The Reserve Bank makes written demand to sender to assume defense of the proceeding Any action by the Reserve Bank within is the scope of its authority in handling the item The sender has not made any other payment arrangement acceptable to the Reserve Bank There is any warranty made by the Reserve Bank

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

____________ 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.

Clearing agent ✘ The Reserve Bank ✘ Foreign bank ✘ Foreign banker ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

10.

By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank and paying bank that:

The Reserve Bank has good title to the item ✘ The item has not been altered ✘ The item bears all endorsements applied by parties that have previously handled the item in paper or electronic form ✘ All of these ✔

Answer & Solution Discuss in Board Save for Later

Answer & Solution

Answer: Option B

Solution:

It provides fallback for IE8.

Prev Next

Congratulations

you have successfully completed the test

Back to Question View Result

Detail Form

We will send your result on your email id and phone no. please fill detail

Name

Email ID Note: Report will be send to the above Email ID

Phone No

ABA-Certified Regulatory Compliance Manager - CRCM Set 2

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Answer & Solution

Answer: Option B

Solution:

Congratulations

COMPANY

Products

OTHERS

Partner