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ABA CRCM Practice Test - Questions Answers, Page 18

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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?

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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?

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Question 173

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

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Question 174

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

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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:

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Question 176

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Debt collector may not abuse or harass the consumer by:

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Question 177

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Debt collectors acquiring location information from a third party:

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Question 178

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

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Question 179

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Validation of debt says:

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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.

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_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations
Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?