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ABA CRCM Practice Test - Questions Answers, Page 40

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Question 391

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A municipal securities principal must directly supervise municipal securities operations. This includes reviewing all but one of the following. Which task is NOT involved in directly supervising mun

Question 392

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First National Bank (FNB) purchased a table for $500 at the Governor's reelection fundraising dinner last fall. FNB President Sally Holmes tells Mary Watkins, the municipal securities principal, tha

Question 393

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State National Bank offers credit life and disability insurance on all consumer loans. This credit-related insurance is sold by a third party, but the bank collects a commission on all sales. The ba

Question 394

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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?

Question 395

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Of the following practices, which one is NOT accepted in insurance and annuity sales?

Question 396

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Which of the following is NOT a requirement of the Interagency Statement on Retail Sales of Nondeposit Investments?

Question 397

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Which of the following bank policies does NOT comply with the Interagency Policy Statement on the Retail Sales of Nondeposit Investments?

Question 398

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State National Bank has a Web site on which it advertises all of its products. One page of the Web site is devoted to the products of its affiliate, State National Investment Products, InC. The affi

Question 399

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Which of the following bank products is NOT subject to the disclosure provisions of the Interagency Statement on Retail Sales of Nondeposit Investment Products?

Question 400

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Under the Interagency Statement on Retail Sales of Nondeposit Investment Products what disclosure must the bank's investment sales representative make to the customer?

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 391

A municipal securities principal must directly supervise municipal securities operations. This includes reviewing all but one of the following. Which task is NOT involved in directly supervising municipal securities operations?

Opening the customer's account

Providing quotations to customers

Handling customer complaints

Handling a municipal securities transaction

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Question 392

First National Bank (FNB) purchased a table for $500 at the Governor's reelection fundraising dinner last fall. FNB President Sally Holmes tells Mary Watkins, the municipal securities principal, that the bank is planning to participate in the upcoming state highway bonD. What does Ms. Watkins tell President Holmes?

The bank cannot participate without prior approval of the MSRB.

The bank can participate because national banks are exempt from MSRB rules.

The bank can participate, provided it includes the contribution on its next disclosure.

The bank cannot participate within two years of a contribution to the issuer.

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Question 393

State National Bank offers credit life and disability insurance on all consumer loans. This credit-related insurance is sold by a third party, but the bank collects a commission on all sales. The bank also sells hazard insurance through its affiliated insurance agency. Which of the following actions is legal for State National?

Require all consumers to purchase credit life insurance through the bank

Require only certain consumers to purchase credit life insurance through the bank

Require all borrowers with real property loans to provide insurance to protect the collateral

Require borrowers on real estate loans over $50,000 to purchase hazard insurance through the bank

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Question 394

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?

Hiring competent personnel

Establishing a separate insurance agency

Auditing systems and controls

Requiring a member of management to actively oversee this function

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Question 395

Of the following practices, which one is NOT accepted in insurance and annuity sales?

Reviewing insurance company ratings

Monitoring customer complaints against insurance companies

Verifying that personnel are properly licensed

Churning accounts

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Question 396

Which of the following is NOT a requirement of the Interagency Statement on Retail Sales of Nondeposit Investments?

That employees selling nondeposit investments receive special training on the products they sell

That all bank employees receive special training on the nondeposit investment products sold by the bank

That employees selling nondeposit investments ensure that the product is suitable to the customer purchasing it

That the history of employees selling nondeposit investments be checked before their employment

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Question 397

Which of the following bank policies does NOT comply with the Interagency Policy Statement on the Retail Sales of Nondeposit Investments?

Supervisors and sales personnel will receive compensation based on the volume of sales each department achieves as well as the effectiveness of the department's ability to find suitable investments for customers.

All bank employees engaged in the sale of nondeposit investments will provide the bank's required disclosures to all customers before the purchase of a nondeposit investment product.

No teller will discuss nondeposit investment products with a bank customer.

Tellers and new accounts personnel will receive a $25 fee for all customers referred to the nondeposit investment department on the customer's purchase of an investment product.

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Question 398

State National Bank has a Web site on which it advertises all of its products. One page of the Web site is devoted to the products of its affiliate, State National Investment Products, InC. The affiliate sells uninsured mutual funds and various other investments not insured by the FDIC. What are State National's responsibilities for this advertising?

None. The affiliate is responsible.

None. Because it is a Web site, the advertising rules do not apply.

The bank must make sure the FDIC logo is properly placed.

The bank must make sure that the noninsured disclosures are on this page and that the FDIC logo does not appear.

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Question 399

Which of the following bank products is NOT subject to the disclosure provisions of the Interagency Statement on Retail Sales of Nondeposit Investment Products?

Fixed-rate annuities

Variable-rate annuities

Variable-rate savings accounts

Mutual funds

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Question 400

Under the Interagency Statement on Retail Sales of Nondeposit Investment Products what disclosure must the bank's investment sales representative make to the customer?

The bank's regulatory agency

The sales commission resulting from the investment purchase

That the investment product is not guaranteed by the bank

The arbitration procedure for resolving disputes over investment advice

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