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ABA CRCM Practice Test - Questions Answers, Page 35

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List of questions

Question 341

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When may an automatically renewable time deposit account be considered for inclusion in the unclaimed property report?

Question 342

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Which state receives the reporting and escheatment of unclaimed property?

Question 343

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What are holders of unclaimed property required to do?

Question 344

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Which of the following institutions is exempt from the coverage of CRA?

Question 345

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Which of the following is NOT a requirement of CRA?

Question 346

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ABC National Bank, an independent bank with $120 million in total assets located in a large urban area, is in the process of determining its option for its CRA evaluation. Which of the following opt

Question 347

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QRS State Bank is being examined under the lending test. Which of the following is the most relevant criteria for the lending test?

Question 348

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Which of the following institutions could be examined for CRA under the small intermediate bank performance standard?

Question 349

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In the small bank performance standard, which of the following is NOT a criterion?

Question 350

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Which of the following is true of a bank's CRA strategic plan?

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:

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:

What insurance disclosures are required in the lease disclosure statement?

The compliance program should address plans to verify adherence to applicable regulations through:

A compliance officer receives a call from a loan officer who asks for adv ice on what she should do with a stock certificate (1,437 shares of IBM) from a new loan customer who wants to pledge it in support of a loan that has been approved at your bank. What should the compliance officer tell her FIRST?

Question 341

When may an automatically renewable time deposit account be considered for inclusion in the unclaimed property report?

When a customer has corresponded with the bank but not made deposits to the account

When a customer has shown interest in the account but not made deposits to the account

When a customer does not instruct the bank in writing to roll over the account

When the customer has not deposited or withdrawn funds from the account or another account at the same bank

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Question 342

Which state receives the reporting and escheatment of unclaimed property?

The state where the bank is domiciled, if different from the bank holding company

The state of the customer's last known address, if available and not foreign

The state where the property is located, if a deposit account

The state chosen by a bank holding company, if a multistate operation

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Question 343

What are holders of unclaimed property required to do?

Mail a notification to customers whose accounts may escheat to the state

Charge customers ''inactive/unclaimed'' fees for accounts that are dormant

Publish in a local paper the owners' names of accounts that will escheat

Discontinue paying interest on dormant accounts

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Question 344

Which of the following institutions is exempt from the coverage of CRA?

State National Bank of Ashgrove, a $15 million bank in a rural community, not located in an MSA

Trust Company, Inc., an institution offering only trust services located in a large urban area

ACME Savings Association, a federal thrift institution located in a mediumsized midwestern city, included in an MSA

First National Bank, a $250 million bank located in a rural area, not in an MSA

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Question 345

Which of the following is NOT a requirement of CRA?

To delineate the bank's assessment area(s)

To collect loan data

To approve the bank's CRA statement at an annual board meeting

To report small business loan data

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ABC National Bank, an independent bank with $120 million in total assets located in a large urban area, is in the process of determining its option for its CRA evaluation. Which of the following options is NOT open to ABC Bank?

The small bank performance standard

The lending, investment, and service tests

The community development test

The strategic plan option

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Question 347

QRS State Bank is being examined under the lending test. Which of the following is the most relevant criteria for the lending test?

The distribution of the bank's small business loans

The racial and gender characteristics of QRS's lending staff

The location of QRS's branches

The services QRS offers to its community

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Question 348

Which of the following institutions could be examined for CRA under the small intermediate bank performance standard?

Bank A, a $230 million bank

Bank B, a $700 million bank

Bank C, a $50 million bank

Bank D, a $2 billion bank

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Question 349

In the small bank performance standard, which of the following is NOT a criterion?

The bank's CRA strategic plan

The bank's loan-to-deposit ratio

The geographic distribution of loans

The percentage of loans within the bank's assessment area(s)

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Question 350

Which of the following is true of a bank's CRA strategic plan?

It must be limited to a one-year term.

It must have measurable goals.

Affiliates must have their own plans.

Even if the bank has multiple assessment areas, it must have one strategic plan.

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Total 463 questions

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