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ABA CRCM Practice Test - Questions Answers, Page 19

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Question 181

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It is a corporation or a non-depository institution that maintains an account with a Reserve Bank

Savings and loan associations
Savings and loan associations
Clearing institution
Clearing institution
A foreign banker
A foreign banker
Insured credit unions
Insured credit unions
Suggested answer: B
asked 16/09/2024
Kenneth Joines
43 questions

Question 182

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It is an instrument or promise or order to pay money (whether negotiable or non negotiable) sent by a sender and payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. An electronic image of an this document together with electronic information describing that item in an approved format will be considered a valid instrument.

Item
Item
Debt collection form
Debt collection form
Validation form
Validation form
Correspondent check
Correspondent check
Suggested answer: A
asked 16/09/2024
Ali Abbas
32 questions

Question 183

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An electronic image of an item together with electronic information describing that item in an approved format will be considered a valid instrument. Common forms of instruments are the following EXCEPT:

Checks: Drafts drawn on a bank and payable on demand
Checks: Drafts drawn on a bank and payable on demand
Pay checks
Pay checks
Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
Noncash items: Items that a Reserve Bank classifies as requiring special handling
Noncash items: Items that a Reserve Bank classifies as requiring special handling
Suggested answer: B
asked 16/09/2024
Miguel Tuimil Galdo
43 questions

Question 184

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Reserve Banks must issue operating circulars, which, together with Regulation J, govern the details of handling items through the Reserve Bank, including

Handling of government items and foreign instruments
Handling of government items and foreign instruments
Handling of foreign instruments
Handling of foreign instruments
Handling of government items
Handling of government items
Handling of clearing instruments
Handling of clearing instruments
Suggested answer: A
asked 16/09/2024
Alejandro Rodriguez
34 questions

Question 185

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One of the check collection requirements is sending items to Reserve Banks. In this requirement:

A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
The following parties are deemed to have handled items, in this order: * The initial sender * The initial sender's administrative Reserve Bank * The Reserve Bank that receives the item from the initial sender * Any other Reserve Bank that receives the item from a Reserve Bank
The following parties are deemed to have handled items, in this order: * The initial sender * The initial sender's administrative Reserve Bank * The Reserve Bank that receives the item from the initial sender * Any other Reserve Bank that receives the item from a Reserve Bank
Reserve Banks must receive cash items and other items (checks) at par
Reserve Banks must receive cash items and other items (checks) at par
A foreign bank that maintains reserves under the International Banking Act of 1978
A foreign bank that maintains reserves under the International Banking Act of 1978
Suggested answer: A, B, C
asked 16/09/2024
Abdullah Mousa
53 questions

Question 186

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Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:

A foreign bank
A foreign bank
A foreign banker's Lessee
A foreign banker's Lessee
A foreign state
A foreign state
A foreign correspondent or agency
A foreign correspondent or agency
Suggested answer: B
asked 16/09/2024
Venish Arumugam
41 questions

Question 187

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By sending an item to a Reserve Bank, a sender:

Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
Never authorizes the Reserve Bank to handle the item based on this regulation and the Reserve Bank's circulars
Warranties for electronic items that are substitute checks
Warranties for electronic items that are substitute checks
Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
Warrants to each Reserve Bank handling the item that it has good title, that it is entitled to enforce the item, that the item has not been materially altered, and that the item bears all endorsements applied by parties that previously handled the item in paper or electronic form
The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation
The sender makes all of the warranties set forth in the Uniform Commercial Code (UCC) as if the item were subject to the UCC and makes all of the Regulation CC warranties as if the electronic item were a paper item subject to that regulation
Suggested answer: C, D
asked 16/09/2024
Gabriel Pereira Dias
41 questions

Question 188

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The sender agrees to indemnify each Reserve Bank for:

Any loss or expense resulting from sender's lack of authority
Any loss or expense resulting from sender's lack of authority
Any action taken by the Reserve Bank within the scope of its authority in the handling of the item
Any action taken by the Reserve Bank within the scope of its authority in the handling of the item
An electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
An electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
Any warranty made by the Reserve Bank under Regulation J, Regulation CC, or the UCC
Any warranty made by the Reserve Bank under Regulation J, Regulation CC, or the UCC
Suggested answer: A, B, D
asked 16/09/2024
Lionel Fitzgerald Gweth
45 questions

Question 189

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The sender's liability for warranties and indemnities that a Reserve Bank makes for a substitute check is subject to the following conditions and limitations EXCEPT:

The sender of an original check is not liable for amounts paid by the Reserve Bank absent the sender's agreement to the contrary
The sender of an original check is not liable for amounts paid by the Reserve Bank absent the sender's agreement to the contrary
The sender's liability under Regulation CC is not altered by the Regulation J provisions
The sender's liability under Regulation CC is not altered by the Regulation J provisions
Failure of sender to have authority to make the required warranties and agreements
Failure of sender to have authority to make the required warranties and agreements
A sender of an electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
A sender of an electronic item that is not a substitute check is not liable for any amount paid by a Reserve Bank that is attributable to the Reserve Bank's own lack of good faith or failure to exercise ordinary care
Suggested answer: C
asked 16/09/2024
Rafal Wozniak
41 questions

Question 190

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The Reserve Bank may recover from the sender the attorneys' fees if an action is brought against a Reserve Bank on the basis of:

Failure of sender to have authority to make the required warranties and agreements
Failure of sender to have authority to make the required warranties and agreements
Any action by the Reserve Bank within the scope of its authority in handling the item
Any action by the Reserve Bank within the scope of its authority in handling the item
Any warranty made by the Reserve Bank
Any warranty made by the Reserve Bank
All of the above
All of the above
Suggested answer: D
asked 16/09/2024
Gopakumar Nair
47 questions
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