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

A.
Publish a notice of the closing in the local newspaper
A.
Publish a notice of the closing in the local newspaper
Answers
B.
Send a notice to its regulatory agency
B.
Send a notice to its regulatory agency
Answers
C.
Send notices to the branch customers
C.
Send notices to the branch customers
Answers
D.
Post a notice at the branch
D.
Post a notice at the branch
Answers
Suggested answer: A
asked 16/09/2024
Arkadius Thoma
49 questions

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 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?

A.
Re-post the notice and wait an additional 90 days
A.
Re-post the notice and wait an additional 90 days
Answers
B.
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
B.
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
Answers
C.
Meet with the community group, explain their reasoning, and help the group find some alternative financial services
C.
Meet with the community group, explain their reasoning, and help the group find some alternative financial services
Answers
D.
Nothing is required
D.
Nothing is required
Answers
Suggested answer: D
asked 16/09/2024
Myratgeldi Bekdurdyyev
46 questions

Question 293

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

A.
Bank A decides to stop cashing checks for noncustomers at its neighborhood branch.
A.
Bank A decides to stop cashing checks for noncustomers at its neighborhood branch.
Answers
B.
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.
B.
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.
Answers
C.
Bank D is closing its drive-through facilities in its near-town neighborhood branch, although its regular facility is remaining.
C.
Bank D is closing its drive-through facilities in its near-town neighborhood branch, although its regular facility is remaining.
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D.
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.
D.
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.
Answers
Suggested answer: D
asked 16/09/2024
Dimitri Bennett
35 questions

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 by federal regulators, which of the following actions should the bank take?

A.
No action is required because an ATM is not, by definition, a branch.
A.
No action is required because an ATM is not, by definition, a branch.
Answers
B.
Post a notice at the ATM at least 30 days before the intended closing date.
B.
Post a notice at the ATM at least 30 days before the intended closing date.
Answers
C.
Notify the bank's federal regulatory agency at least 90 days before the intended closing date.
C.
Notify the bank's federal regulatory agency at least 90 days before the intended closing date.
Answers
D.
Mail a notice to all customers at least 90 days before the intended closing date.
D.
Mail a notice to all customers at least 90 days before the intended closing date.
Answers
Suggested answer: A
asked 16/09/2024
Peter Dunčko
40 questions

Question 295

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

A.
Comments from customers who oppose the closing
A.
Comments from customers who oppose the closing
Answers
B.
Detailed statement of the reasons for the closing
B.
Detailed statement of the reasons for the closing
Answers
C.
Copy of the notice to be sent to affected customers
C.
Copy of the notice to be sent to affected customers
Answers
D.
Copy of board minutes reflecting the decision to close
D.
Copy of board minutes reflecting the decision to close
Answers
Suggested answer: B
asked 16/09/2024
Suman Konda
46 questions

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?

A.
That the bank's revenues will not be affected severely
A.
That the bank's revenues will not be affected severely
Answers
B.
That the branches are closed in accordance with bank policy
B.
That the branches are closed in accordance with bank policy
Answers
C.
That customers of the branches will continue to have access to banking services
C.
That customers of the branches will continue to have access to banking services
Answers
D.
That the bank's confidential information is returned to the main office
D.
That the bank's confidential information is returned to the main office
Answers
Suggested answer: B
asked 16/09/2024
Victor Chacon
34 questions

Question 297

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

A.
Provide copies of the call reports covering the current and previous year
A.
Provide copies of the call reports covering the current and previous year
Answers
B.
Provide a copy of its statement of condition covering the year immediately preceding the request
B.
Provide a copy of its statement of condition covering the year immediately preceding the request
Answers
C.
Provide a copy of its most recent, unaudited financial statement
C.
Provide a copy of its most recent, unaudited financial statement
Answers
D.
Provide copies of its Uniform Bank Performance Reports for three consecutive years
D.
Provide copies of its Uniform Bank Performance Reports for three consecutive years
Answers
Suggested answer: A
asked 16/09/2024
Jean-Gaetan Roche
31 questions

Question 298

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

A.
Attaching a narrative explanation by management of the reasons for a cease and desist order as a part of the annual disclosure
A.
Attaching a narrative explanation by management of the reasons for a cease and desist order as a part of the annual disclosure
Answers
B.
Attaching a copy of the bank's last safety and soundness examination to the annual disclosure
B.
Attaching a copy of the bank's last safety and soundness examination to the annual disclosure
Answers
C.
Including a statement that indicates that the bank's regulatory agency has reviewed the financial information
C.
Including a statement that indicates that the bank's regulatory agency has reviewed the financial information
Answers
D.
Using an unaudited financial statement for the past two years as an annual disclosure statement
D.
Using an unaudited financial statement for the past two years as an annual disclosure statement
Answers
Suggested answer: A
asked 16/09/2024
trobbies Real
26 questions

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?

A.
Information relating to mergers and acquisitions
A.
Information relating to mergers and acquisitions
Answers
B.
Information related to a regulatory enforcement action that currently applies to the bank
B.
Information related to a regulatory enforcement action that currently applies to the bank
Answers
C.
An excerpt from the latest regulatory examination prepared by the bank's regulatory agency
C.
An excerpt from the latest regulatory examination prepared by the bank's regulatory agency
Answers
D.
The bank's future plans for product development
D.
The bank's future plans for product development
Answers
Suggested answer: C
asked 16/09/2024
German Dario Jara
32 questions

Question 300

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

A.
A national rating agency's report on the correspondent bank
A.
A national rating agency's report on the correspondent bank
Answers
B.
The correspondent bank's own call report
B.
The correspondent bank's own call report
Answers
C.
The correspondent bank's annual report to shareholders
C.
The correspondent bank's annual report to shareholders
Answers
D.
A national newspaper's story on the correspondent bank's financial condition
D.
A national newspaper's story on the correspondent bank's financial condition
Answers
Suggested answer: D
asked 16/09/2024
Zoltan Mate
22 questions
Total 463 questions
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