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ABA CRCM Practice Test - Questions Answers, Page 14

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Question 131

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First National Bank would like to adopt a recordkeeping system that complies with the requirements of Regulation O. Which of the following best describes the recordkeeping system required by Regulation O?

A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
A system in which the bank annually surveys all executive officers of First National and its affiliates to determine the insiders' related interests
A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
A system in which the bank asks all borrowers as loans are made whether the borrower is a related interest of an insider
A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
A system that surveys insiders of First National annually and requires each insider to disclose his or her related interests
A system that requires an annual survey of affiliate insiders
A system that requires an annual survey of affiliate insiders
Suggested answer: C
asked 16/09/2024
Wislon Pereira
41 questions

Question 132

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Which of the following does an extension of credit NOT include?

An advance by means of an overdraft or cash item
An advance by means of an overdraft or cash item
The making or renewal of any loan or granting of a line of credit
The making or renewal of any loan or granting of a line of credit
An advance against accrued salary
An advance against accrued salary
An acquisition of a note on which an insider is a maker, drawer, or guarantor
An acquisition of a note on which an insider is a maker, drawer, or guarantor
Suggested answer: C
asked 16/09/2024
krishamrock krishqmrock
42 questions

Question 133

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Which of the following transactions is subject to the provisions of Regulation O?

Time deposit account held by a director
Time deposit account held by a director
Travel advance to an executive officer outstanding for less than 30 days
Travel advance to an executive officer outstanding for less than 30 days
Extension of credit to a director of an unaffiliated, competing, noncorrespondent bank
Extension of credit to a director of an unaffiliated, competing, noncorrespondent bank
Extension of credit to a member of the bank's board of directors
Extension of credit to a member of the bank's board of directors
Suggested answer: D
asked 16/09/2024
Taka Masa
38 questions

Question 134

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In a review of a bank's compliance with the Regulation O overdraft provisions, what should the compliance officer do?

Identify the related interests of all directors, executive officers, and principal shareholders
Identify the related interests of all directors, executive officers, and principal shareholders
Examine the bank's overdraft reports for a selected time period
Examine the bank's overdraft reports for a selected time period
Examine the annual FFIEC-004 reports on indebtedness to correspondent banks
Examine the annual FFIEC-004 reports on indebtedness to correspondent banks
Examine the bank's latest report of condition and income
Examine the bank's latest report of condition and income
Suggested answer: B
asked 16/09/2024
Scott Albee
36 questions

Question 135

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Safe National Bank has a variety of consumer lending products. Among them are debt cancellation contracts that allow for the cancellation of a consumer's debt if certain events happen. The bank solicits sales for these contracts when the consumer makes an in-person loan application. What does Safe National have to do at the time of the application and solicitation?

Nothing. Disclosures are required only when the contract is made.
Nothing. Disclosures are required only when the contract is made.
Give the customer the short-form disclosures orally.
Give the customer the short-form disclosures orally.
Give the customer the short-form disclosures in writing.
Give the customer the short-form disclosures in writing.
Give the customer the long-form disclosures.
Give the customer the long-form disclosures.
Suggested answer: B
asked 16/09/2024
nico farina
45 questions

Question 136

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ACME National Bank has a Web site that lists the bank's products and services. On its consumer loan page it lists debt cancellation contracts as an available product. What other disclosure must the bank place on this Web page?

None. Because it only lists the product, nothing else is required.
None. Because it only lists the product, nothing else is required.
The short-form disclosures must be on the page.
The short-form disclosures must be on the page.
The short-form disclosures must be available by a conspicuous link on the page.
The short-form disclosures must be available by a conspicuous link on the page.
The long-form disclosures must be on the page.
The long-form disclosures must be on the page.
Suggested answer: A
asked 16/09/2024
Jessy Kevin NGANE OBAME
36 questions

Question 137

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ACME National bank uses telephone solicitations to sell its debt cancellation contracts. The banker explains to the borrower the nature of the contract, gives an oral short form disclosure, receives the customer's affirmative election orally, and sends the written long form disclosures and written affirmative election within three business days. Is the bank in compliance with the telephone solicitation rules as they apply to affirmative elections?

Yes, the bank has fulfilled all of its requirements.
Yes, the bank has fulfilled all of its requirements.
No, oral affirmative elections are not acceptable.
No, oral affirmative elections are not acceptable.
No, the bank also must give the customer 30 days to cancel the contract.
No, the bank also must give the customer 30 days to cancel the contract.
No, telephone solicitations are not allowed for debt cancellation contracts.
No, telephone solicitations are not allowed for debt cancellation contracts.
Suggested answer: C
asked 16/09/2024
ALAEDDINE BENMAKHLOUF
51 questions

Question 138

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Which of the following actions is NOT an adverse action?

Refusal to grant credit on substantially the same terms and conditions as requested by the applicant
Refusal to grant credit on substantially the same terms and conditions as requested by the applicant
Termination of an account
Termination of an account
Refusal to grant credit on the grounds that the lender does not offer the type of credit requested
Refusal to grant credit on the grounds that the lender does not offer the type of credit requested
Refusal to increase the amount of credit on an existing account after a request
Refusal to increase the amount of credit on an existing account after a request
Suggested answer: C
asked 16/09/2024
H Barral Vila
35 questions

Question 139

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Which of the following statements regarding applications is correct?

Applications must be signed to be valid.
Applications must be signed to be valid.
Creditors may accept oral applications.
Creditors may accept oral applications.
Creditors may not develop their own definition for a completed application.
Creditors may not develop their own definition for a completed application.
A creditor is not required to attempt to complete incomplete applications.
A creditor is not required to attempt to complete incomplete applications.
Suggested answer: B
asked 16/09/2024
Donnie Roach
31 questions

Question 140

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Which of the following is/are included in the persons covered under Fedwire transfer coverage?

Reserve Banks sending or receiving payment orders
Reserve Banks sending or receiving payment orders
Senders of payments to a Reserve Bank
Senders of payments to a Reserve Bank
Banks receiving payments from a Reserve Bank
Banks receiving payments from a Reserve Bank
None of these
None of these
Suggested answer: A, B, C
asked 16/09/2024
Jeff Sonola
41 questions
Total 463 questions
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