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ABA CRCM Practice Test - Questions Answers, Page 10

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Question 91

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

Review 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
Review 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
Provide training to consumer and commercial loan staff
Provide training to consumer and commercial loan staff
Implement monitoring and auditing programs to check for spousal signature violations
Implement monitoring and auditing programs to check for spousal signature violations
Must allow an applicant to designate a birth-given first name and a birth-given, surname, spouse's surname, or combination
Must allow an applicant to designate a birth-given first name and a birth-given, surname, spouse's surname, or combination
Suggested answer: D
asked 16/09/2024
Thuy Nguyen
38 questions

Question 92

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Content of notification to credit consumers must contain:

Statement of the action taken
Statement of the action taken
Name and address of creditor
Name and address of creditor
Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 30 days of a request. The request for specific reasons must be made within 60 days of the receipt of the adverse action notice.
Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 30 days of a request. The request for specific reasons must be made within 60 days of the receipt of the adverse action notice.
Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 15 days of a request. The request for specific reasons must be made within 30 days of the receipt of the adverse action notice.
Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 15 days of a request. The request for specific reasons must be made within 30 days of the receipt of the adverse action notice.
Suggested answer: A, B, C
asked 16/09/2024
Thomas Kincer
40 questions

Question 93

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A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B . If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
The information is voluntarily disclosed to the government
The information is voluntarily disclosed to the government
The public or is used in any manner as a defense to a discrimination charge
The public or is used in any manner as a defense to a discrimination charge
credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer
credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer
Suggested answer: B, C
asked 16/09/2024
Chris Houck
36 questions

Question 94

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Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:

The text of any prescreened solicitation
The text of any prescreened solicitation
All other written information concerning the applicant
All other written information concerning the applicant
The list of criteria used to select recipients
The list of criteria used to select recipients
Any record of complaints regarding the solicitation
Any record of complaints regarding the solicitation
Suggested answer: B
asked 16/09/2024
Coropcianu Mihai
39 questions

Question 95

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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:

Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state's attorney general
Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state's attorney general
Supported by a thorough review of pertinent statutes
Supported by a thorough review of pertinent statutes
Supported by decisional law
Supported by decisional law
Supported by an opinion of the state's attorney general
Supported by an opinion of the state's attorney general
Suggested answer: A
asked 16/09/2024
NSANG Cyril
44 questions

Question 96

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A consumer reporting agency may furnish a consumer report

If not authorized in writing by the consumer
If not authorized in writing by the consumer
In response to a court order having jurisdiction or a subpoena issued by a federal grand jury or review or collection of an account of the consumer
In response to a court order having jurisdiction or a subpoena issued by a federal grand jury or review or collection of an account of the consumer
In connection with a credit or insurance transaction
In connection with a credit or insurance transaction
For employment purposes Before procuring a consumer report, an employer Must disclose to the individual in writing that a consumer report may be obtained Must obtain written authorization from the individual before procuring the report
For employment purposes Before procuring a consumer report, an employer Must disclose to the individual in writing that a consumer report may be obtained Must obtain written authorization from the individual before procuring the report
Suggested answer: B, C, D
asked 16/09/2024
Carson Plunkett
54 questions

Question 97

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Legislation was recently enacted to reform consumer real estate protection laws, and the bank will now have to change the way it documents, discloses, and advertises real estate loans, an integral product line at your bank. What should the compliance professional do FIRST to implement the new law within the bank?

Read the law and write a new real estate compliance policy
Read the law and write a new real estate compliance policy
Form a task force of the business unit managers whose departments will be affected by the law to collectively form an action plan
Form a task force of the business unit managers whose departments will be affected by the law to collectively form an action plan
Talk to the bank president about the need for more resources in compliance
Talk to the bank president about the need for more resources in compliance
Sign up all bank personnel affected by the changes for a seminar on the new law
Sign up all bank personnel affected by the changes for a seminar on the new law
Suggested answer: B
asked 16/09/2024
Mark Theeuwes
47 questions

Question 98

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A bank's president would like to begin offering a new home equity line of credit product within two weeks. In all cases the borrower's principal dwelling will secure the loan. The president has already launched a planned advertising campaign for the bank's major service markets. What should the compliance professional do FIRST?

Hire an attorney to write the appropriate legal documents and disclosures
Hire an attorney to write the appropriate legal documents and disclosures
Write a memo to the president explaining why the compliance professional should have been in on the process at an earlier date
Write a memo to the president explaining why the compliance professional should have been in on the process at an earlier date
Begin training sessions for the lending and loan operations staff on the compliance issues involved
Begin training sessions for the lending and loan operations staff on the compliance issues involved
Perform a risk assessment to determine the bank's level of risk in offering this new product
Perform a risk assessment to determine the bank's level of risk in offering this new product
Suggested answer: D
asked 16/09/2024
Siphiwe Soldat
39 questions

Question 99

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A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
Nothing; the compliance professional's job is done with the completed research
Nothing; the compliance professional's job is done with the completed research
Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
Write a memo to the president of the bank that explains the risk assessment for this area
Write a memo to the president of the bank that explains the risk assessment for this area
Suggested answer: C
asked 16/09/2024
juan manuel torrado
40 questions

Question 100

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The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST?

Establish a task force to study the proposed rule.
Establish a task force to study the proposed rule.
Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
Contact the bank's platform software vendor to determine whether it will be ready for the change NOTES
Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
Prepare a summary document that outlines the effects the proposed rule would have on the bank's operations
Train bank staff on the new rule
Train bank staff on the new rule
Suggested answer: C
asked 16/09/2024
DAVID Durbin
40 questions
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