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ABA CRCM Practice Test - Questions Answers, Page 38

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List of questions

Question 371

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For HMDA purposes, the term ''dwelling'' does NOT include which of the following?

Question 372

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Which of the following representations on the HMDA loan application register is a violation of Regulation C?

Question 373

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An individual borrowed $1,000 to remodel her mobile home. She lives in the mobile home that is not anchored to the ground. The loan will be secured by the mobile home, but the borrower does not own

Question 374

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Under HMDA, what is the threshold for reporting the interest rate spread for first lien mortgage loans?

Question 375

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In a review of a bank's home mortgage loan application register, which of the following must be included in Regulation C reporting?

Question 376

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Williams National Bank has its home office in New York State; however, it has branches in Nebrask A . The federal banking agencies most recent host state loanto- deposit publication lists the loan-t

Question 377

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Which of the following banks CANNOT select Montana as its home state for deposit production purposes?

Question 378

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A banking agency is conducting a credit needs determination. Which of the following is NOT a criterion used in such a determination?

Question 379

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ACME Bank would like its tellers to help sell insurance products to new and existing customers. The tellers would refer customers to personal bankers who have insurance licenses from the state. The

Question 380

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ACME Bank has a separate page on its Web site where it describes insurance products, such as life insurance and health and disability insurance. The page invites consumers to call the bank officer i

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 371

For HMDA purposes, the term ''dwelling'' does NOT include which of the following?

Timeshares

Single family dwellings

Individual condominiums

Mobile homes not attached to real property

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Question 372

Which of the following representations on the HMDA loan application register is a violation of Regulation C?

The MSA number, instead of the MSA name, is used for each loan and application

The ''reasons for denial'' column is blank

Race, national origin, and gender information are not included for purchased loans

The gender of the applicant is designated by the letters M or F

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An individual borrowed $1,000 to remodel her mobile home. She lives in the mobile home that is not anchored to the ground. The loan will be secured by the mobile home, but the borrower does not own the lot on which it is parked. For HMDA purposes, this loan is considered to be which of the following types of loans?

Consumer RV

Home equity

Home improvement

Second mortgage

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Question 374

Under HMDA, what is the threshold for reporting the interest rate spread for first lien mortgage loans?

Over 3 percentage points

Over 5 percentage points

Over 7 percentage points and when the loan is subject to the Home Ownership and Equity Protection Act

Less than 8 percentage points but greater than 5 percentage points

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Question 375

In a review of a bank's home mortgage loan application register, which of the following must be included in Regulation C reporting?

Loans made or purchased in a fiduciary capacity

Servicing rights purchased

Interim construction loan applications

Loans made and sold within the reporting period

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Question 376

Williams National Bank has its home office in New York State; however, it has branches in Nebrask A . The federal banking agencies most recent host state loanto- deposit publication lists the loan-to-deposit ratio for Nebraska as 78 percent. For Williams Bank to pass the loan-to-deposit screen of the Reigle-Neal Act, what must its loan-to-deposit ratio be for Nebraska?

At least 78 percent

At least 50 percent

At least 39 percent

At least 25 percent

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Question 377

Which of the following banks CANNOT select Montana as its home state for deposit production purposes?

ABC National Bank with its headquarters in Missoula, Montana

XYZ State Bank, with a Montana state charter

ACME National Bank with its headquarters in Minneapolis, MN, but with most of its branches and the majority of its loans in Montana

Friendly Bank, a U.S. branch of a foreign bank with two U.S. locations, one in Montana and one in Wyoming

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Question 378

A banking agency is conducting a credit needs determination. Which of the following is NOT a criterion used in such a determination?

The bank's CRA rating

Economic conditions, including loan demand in the bank's communities

Whether the bank was once part of a failed institution

The bank's profitability ratios

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Question 379

ACME Bank would like its tellers to help sell insurance products to new and existing customers. The tellers would refer customers to personal bankers who have insurance licenses from the state. The bank would like to reward tellers by giving them a small percentage of the commission for each policy sold where the sale resulted from a referral. Which of the following statements presents ACME's biggest concern in complying with the Consumer Protection in Sales of Insurance regulation?

It is difficult for many people to get an insurance license.

It is hard for tellers to handle so many types of products.

It is hard to physically separate insured deposit products from insurance products.

Tellers should not be rewarded only when the referral results in a sale.

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Question 380

ACME Bank has a separate page on its Web site where it describes insurance products, such as life insurance and health and disability insurance. The page invites consumers to call the bank officer in charge of selling these products.The Web site's lending page also describes consumer loans and uses the following phrase: ''Have peace of mind---credit life and disability insurance are available on all consumer loans to qualified borrowers.'' Neither the insurance page nor the lending page mentions insured deposits. What does ACME need to do to make sure its Web site is in compliance?

Nothing. As long as the insurance products are segregated, the Web site is in compliance.

Place the advertising disclosures (not a deposit, not insured by the FDIC, and so on) on the insurance page.

Place the advertising disclosures on both the Web site's insurance page and its lending page.

Create a separate Web site for all insurance products.

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