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ABA CRCM Practice Test - Questions Answers, Page 29

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List of questions

Question 281

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Which of the following activities is NOT a permissible nonbanking activity?

Question 282

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First National Bankshares, Inc., a bank holding company, held substantially all of the voting stock of an equipment manufacturing corporation as collateral for a loan to the owner. On May 15 the bor

Question 283

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Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?

Question 284

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Which of the following is NOT a corporate practice required of bank holding companies?

Question 285

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For which of the following business activities must a bank holding company obtain prior approval of the Federal Reserve Board?

Question 286

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ACME national bank plans to acquire Smith Brothers insurance agency and make it an operating subsidiary of the bank. ACME is considered a well managed and adequately capitalized bank. What regulator

Question 287

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First State Bank, a state nonmember institution, plans to purchase a company that would be a financial subsidiary of the bank. First State will send a notice to the FDIC of its proposed acquisition.

Question 288

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A subsidiary of First National Bank can legally participate in all but one of the following businesses. In which business may the subsidiary NOT legally participate?

Question 289

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In which of the following cases would First National Bank be required to give a branch closing notice?

Question 290

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In which of the following situations does a bank need to post a branch closing notice?

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 281

Which of the following activities is NOT a permissible nonbanking activity?

Servicing mortgage loans

Providing general courier services to the businesses around the bank office

Providing mortgage loan data processing services to mortgage companies

Acting as a broker for credit life insurance

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First National Bankshares, Inc., a bank holding company, held substantially all of the voting stock of an equipment manufacturing corporation as collateral for a loan to the owner. On May 15 the borrower defaulted and on September 1, after proper notice was given, the bank foreclosed its security interest on the stock and exercised its rights to vote the stock at appropriate times. On December 31 the bank transferred the stock to a subsidiary corporation, FNB, Inc., to market the stock for sale more effectively. What is the longest time period that FNB, Inc., can possibly hold the stock?

Up to two years from September 1

Up to five years from September 1

Up to two years from December 31

Up to five years from December 31

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Question 283

Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?

The financial strength of the applicant

The management strength of the applicant

The current nonbanking activities of the applicant

The effect of the transaction on competition

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Question 284

Which of the following is NOT a corporate practice required of bank holding companies?

Each bank subsidiary must file a notice with the Federal Reserve before offering a new product.

Each bank subsidiary must conduct its operations in a safe and sound manner.

Each bank subsidiary must be insured by the FDIC.

Each bank subsidiary must file a notice with the Federal Reserve before purchasing any of its own securities.

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Question 285

For which of the following business activities must a bank holding company obtain prior approval of the Federal Reserve Board?

Operating an auto club service

Serving as a safe deposit company

Operating as a management consulting firm for financial institutions

Selling installment loan data processing

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Question 286

ACME national bank plans to acquire Smith Brothers insurance agency and make it an operating subsidiary of the bank. ACME is considered a well managed and adequately capitalized bank. What regulatory-related action must ACME take to obtain the agency?

Complete the sale of the agency and notify the OCC within 10 days

Complete the sale of the agency and notify the OCC within 30 days

No regulatory notice is required

Notify the OCC before completing the sale

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Question 287

First State Bank, a state nonmember institution, plans to purchase a company that would be a financial subsidiary of the bank. First State will send a notice to the FDIC of its proposed acquisition. Of the following factors, which one would NOT be relevant to the FDIC's consideration of the bank's acquisition?

First State Bank's asset size

Whether First State Bank is well capitalized

First State Bank's CRA rating

The impact of the acquisition on First State Bank's safety and soundness

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Question 288

A subsidiary of First National Bank can legally participate in all but one of the following businesses. In which business may the subsidiary NOT legally participate?

Selling securities

Selling insurance

Developing real estate

Providing financial planning advice

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Question 289

In which of the following cases would First National Bank be required to give a branch closing notice?

Removing its ATM from the local grocery store

Opening a deposit-taking facility in a kiosk during a college fair for one weekend

Moving its central branch across the street

Closing its near-town neighborhood branch

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Question 290

In which of the following situations does a bank need to post a branch closing notice?

A bank closes a branch temporarily because of heavy hurricane damage.

A bank closes a branch in a suburban neighborhood because business has not adequately developed there.

A bank decides not to exercise its option to purchase a branch it has been temporarily running for the FDIC as a part of a purchase of a failed institution.

A bank closes a branch and moves it 850 feet down the street.

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Total 463 questions

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