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ABA CRCM Practice Test - Questions Answers, Page 18

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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?

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?

Question 173

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

Question 174

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

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:

Question 176

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Debt collector may not abuse or harass the consumer by:

Question 177

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Debt collectors acquiring location information from a third party:

Question 178

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

Question 179

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Validation of debt says:

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 th

Related questions

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

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?

Fastfood, InC. , a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

Of the following actions, which one is NOT recommended by the OCC's advisory letter as a necessary tool of management oversight of insurance and annuity sales?

Bob's wife is HIV-positive due to a blood transfusion during an appendectomy 15 years ago. She is not yet sick, but takes medication to prevent the onset of AIDS. Bob occasionally needs to take time off from work to take her for testing at Johns Hopkins in Baltimore. Because of complaints about Bob's exposure to this disease, employees have asked HR to limit his contact with them and with customers. The bank has asked Bob not to eat in the lunchroom with the other employees and has placed Bob in a position where he has limited customer contact. Does this company have any potential ADA liability?

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

The following mentioned points are actually _______________. * Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank * Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

What insurance disclosures are required in the lease disclosure statement?

Question 171

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

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)

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Question 172

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.

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 25 months from the date of application.

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Question 173

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

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Question 174

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 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 because of his forefathers

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Question 175

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, 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.

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Question 176

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

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Question 177

Debt collectors acquiring location information from a third party:

Must identify themselves and, if expressly asked, must identify their employer

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

All of these

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Question 178

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

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

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.

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Question 179

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

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 a consumer owes multiple debts and makes any multiple payments, debt collector must apply to debt in accordance with the consumer's direction

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Question 180

___________ 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 X

Regulation J

None of the above

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Total 463 questions

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