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ABA CRCM Practice Test - Questions Answers, Page 18

List of questions

Question 171

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

Current net income
Current net income
Gross revenue for the preceding year
Gross revenue for the preceding year
Length of time the applicant has been in business
Length of time the applicant has been in business
Type of business entity (that is, corporation, partnership, or sole proprietorship)
Type of business entity (that is, corporation, partnership, or sole proprietorship)
Suggested answer: B
asked 16/09/2024
Steve Parnell
34 questions

Question 172

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Which of the following describes the record retention requirements under Regulation Bfor 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 isrequested, the bank must retain the records for 90 days.
The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
The bank must retain records for 25 months from the date of application.
The bank must retain records for 25 months from the date of application.
Suggested answer: C
asked 16/09/2024
Mary Cris Barreda
35 questions

Question 173

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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 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 a timely manner
The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete 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
None of these
Suggested answer: C
asked 16/09/2024
Jason Smith
39 questions

Question 174

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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 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 financial institution)
A person who regularly collects or attempts to collect debts owed to another (this includes outside counsel who collects debts on behalf of the financial institution)
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 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
A creditor who collects its own debts because of his forefathers
Suggested answer: A, B, C
asked 16/09/2024
Deshawn Sharpe
44 questions

Question 175

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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
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)
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
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, 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.
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, 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.
Suggested answer: C
asked 16/09/2024
Brant McGurk
35 questions

Question 176

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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 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
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
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
Making telephone calls without meaningful disclosure of the caller's identity
Suggested answer: D
asked 16/09/2024
Maurille AGBISSIKO
39 questions

Question 177

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Debt collectors acquiring location information from a third party:

Must identify themselves and, if expressly asked, must identify their employer
Must identify themselves and, if expressly asked, must identify their employer
Must state that the call is to confirm or correct location information
Must state that the call is to confirm or correct location information
Once 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
Once 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
All of these
All of these
Suggested answer: D
asked 16/09/2024
C/1094 WOLOGUEDE COTONOU – BENIN NDENDE
39 questions

Question 178

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Which of the following are included in unfair practices during debt practices?

May collect only amount legally owed
May collect only amount legally owed
Postdated checks a. May not solicit for purpose of instituting criminal action b. May not deposit before date on check c. If a check is postdated longer than 5 days, must notify consumer of deposit at least 3 days and no more than 10 days before depositing
Postdated checks a. May not solicit for purpose of instituting criminal action b. May not deposit before date on check c. If a check is postdated longer than 5 days, must notify consumer of deposit at least 3 days and no more than 10 days before depositing
May possibly communicate regarding a debt by postcard
May possibly communicate regarding a debt by postcard
May use any language or symbol other than collector's address on any envelope except debt collector may use business name if it does not indicate it is a debt collection business.
May use any language or symbol other than collector's address on any envelope except debt collector may use business name if it does not indicate it is a debt collection business.
Suggested answer: A, B
asked 16/09/2024
Rajiv Ranjan
56 questions

Question 179

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Validation of debt says:

Consumer must be sent debt validation in writing within five calendar days of initial communication unless information is contained in initial communication or unless consumer pays the debt
Consumer must be sent debt validation in writing within five calendar days of initial communication unless information is contained in initial communication or unless consumer pays the debt
If consumer disputes a debt in writing within 60 days, all collection activity must stop until the debt is verified
If consumer disputes a debt in writing within 60 days, all collection activity must stop until the debt is verified
If consumer disputes a debt in writing within 15 days, all collection activity must stop until the debt is verified
If consumer disputes a debt in writing within 15 days, all collection activity must stop until the debt is verified
If a consumer owes multiple debts and makes any multiple payments, debt collector must apply to debt in accordance with the consumer's direction
If a consumer owes multiple debts and makes any multiple payments, debt collector must apply to debt in accordance with the consumer's direction
Suggested answer: A
asked 16/09/2024
Donald VIRMOND
36 questions

Question 180

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___________ governs the collection of checks and other cash and noncash items and the handling of returned checks by Federal Reserve Banks. It also covers the rules governing funds transfers sent through the Fedwire. Its purpose is to provide rules for collecting and returning items and settling balances.

Regulation Z
Regulation Z
Regulation X
Regulation X
Regulation J
Regulation J
None of the above
None of the above
Suggested answer: C
asked 16/09/2024
SIDDIQI TARMIM
43 questions
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