Home / ABA / CRCM

ABA CRCM Practice Test - Questions Answers, Page 19

Question list

List of questions

Question 181

(0)

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

Question 182

(0)

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

Question 183

(0)

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 EX

Question 184

(0)

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

Question 185

(0)

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

Question 186

(0)

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

Question 187

(0)

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

Question 188

(0)

The sender agrees to indemnify each Reserve Bank for:

Question 189

(0)

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:

Question 190

(0)

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

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 181

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

Savings and loan associations

Clearing institution

A foreign banker

Insured credit unions

Show Answer Comment (0)

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

Debt collection form

Validation form

Correspondent check

Show Answer Comment (0)

Question 183

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

Pay checks

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

Show Answer Comment (0)

Question 184

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 foreign instruments

Handling of government items

Handling of clearing instruments

Show Answer Comment (0)

Question 185

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

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

A foreign bank that maintains reserves under the International Banking Act of 1978

Show Answer Comment (0)

Question 186

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

A foreign bank

A foreign banker's Lessee

A foreign state

A foreign correspondent or agency

Show Answer Comment (0)

Question 187

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

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

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

Show Answer Comment (0)

Question 188

The sender agrees to indemnify each Reserve Bank for:

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

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

Show Answer Comment (0)

Question 189

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'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

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

Show Answer Comment (0)