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ABA CRCM Practice Test - Questions Answers, Page 30

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Question 291

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Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?

Question 292

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Big Nationwide Bank has decided to close one of its smaller branches in Texas. A community association from the small town where the branch is located is not pleased with the decision because Big Na

Question 293

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In which of the following cases is a branch closing notice required?

Question 294

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A bank has a stand-alone ATM in a high crime are A . Due to concerns for the safety of individuals using the ATM, management decides to close it. According to branch closing policy statements issued

Question 295

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Which of the following must be included in a branch closing notice to a bank's regulatory agency?

Question 296

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A bank is planning to sell eight branches. The compliance officer participates on a bank committee to oversee the process. What should be the compliance officer's PRIMARY concern?

Question 297

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If a bank receives a request for financial disclosure, how may the bank fulfill this request?

Question 298

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Which of the following actions is acceptable under the financial reporting regulations?

Question 299

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A bank may include all of the following in the narrative portion of its financial disclosure except for one. Which of these pieces of information CANNOT be disclosed?

Question 300

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Which of the following sources is the least desirable to use when monitoring a correspondent bank's capital?

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 291

Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?

Publish a notice of the closing in the local newspaper

Send a notice to its regulatory agency

Send notices to the branch customers

Post a notice at the branch

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Big Nationwide Bank has decided to close one of its smaller branches in Texas. A community association from the small town where the branch is located is not pleased with the decision because Big Nationwide's branch is the only financial institution in the small town. The community group complains to the federal agency that regulates Big Nationwide. What must Big Nationwide do in light of this protest against its decision to close the branch?

Re-post the notice and wait an additional 90 days

Send the federal agency a detailed statistical analysis that is consistent with its branch closing policy and that proves why closing the branch is economically necessary

Meet with the community group, explain their reasoning, and help the group find some alternative financial services

Nothing is required

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Question 293

In which of the following cases is a branch closing notice required?

Bank A decides to stop cashing checks for noncustomers at its neighborhood branch.

Bank B and Bank C merge. Each has a branch in the near-town neighborhood. The merged organization is closing the branch that was formerly Bank B and merging it into the branch that was formerly Bank C.

Bank D is closing its drive-through facilities in its near-town neighborhood branch, although its regular facility is remaining.

Bank E is closing its near-town facility because of its outmoded building and equipment. Bank E has commissioned a study from a local development center to determine if it is feasible to re-open its branch in the future.

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Question 294

A bank has a stand-alone ATM in a high crime are A . Due to concerns for the safety of individuals using the ATM, management decides to close it. According to branch closing policy statements issued by federal regulators, which of the following actions should the bank take?

No action is required because an ATM is not, by definition, a branch.

Post a notice at the ATM at least 30 days before the intended closing date.

Notify the bank's federal regulatory agency at least 90 days before the intended closing date.

Mail a notice to all customers at least 90 days before the intended closing date.

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Question 295

Which of the following must be included in a branch closing notice to a bank's regulatory agency?

Comments from customers who oppose the closing

Detailed statement of the reasons for the closing

Copy of the notice to be sent to affected customers

Copy of board minutes reflecting the decision to close

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Question 296

A bank is planning to sell eight branches. The compliance officer participates on a bank committee to oversee the process. What should be the compliance officer's PRIMARY concern?

That the bank's revenues will not be affected severely

That the branches are closed in accordance with bank policy

That customers of the branches will continue to have access to banking services

That the bank's confidential information is returned to the main office

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Question 297

If a bank receives a request for financial disclosure, how may the bank fulfill this request?

Provide copies of the call reports covering the current and previous year

Provide a copy of its statement of condition covering the year immediately preceding the request

Provide a copy of its most recent, unaudited financial statement

Provide copies of its Uniform Bank Performance Reports for three consecutive years

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Question 298

Which of the following actions is acceptable under the financial reporting regulations?

Attaching a narrative explanation by management of the reasons for a cease and desist order as a part of the annual disclosure

Attaching a copy of the bank's last safety and soundness examination to the annual disclosure

Including a statement that indicates that the bank's regulatory agency has reviewed the financial information

Using an unaudited financial statement for the past two years as an annual disclosure statement

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Question 299

A bank may include all of the following in the narrative portion of its financial disclosure except for one. Which of these pieces of information CANNOT be disclosed?

Information relating to mergers and acquisitions

Information related to a regulatory enforcement action that currently applies to the bank

An excerpt from the latest regulatory examination prepared by the bank's regulatory agency

The bank's future plans for product development

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