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ABA CRCM Practice Test - Questions Answers, Page 7

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Question 61

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In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived, containing the following information:

Question 62

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Which one of the following should be included in an early termination notice in case of the termination from consumer leasing agreement?

Question 63

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In Consumer Leasing Act Content of non-segregated disclosures may be made separately or as part of another document (such as the lease agreement); however, other information cannot be stated, used,

Question 64

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Under Renegotiations, extensions, and assumptions-12 CFR 213.5; any lease that is renegotiated or extended by longer than six months is considered to be a new lease, subject to new disclosure requir

Question 65

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In Advertising-12 CFR 213.7, if a percentage rate is used in an advertisement, it cannot be more prominent than any other disclosure, EXCEPT:

Question 66

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Under Consumer Leasing Act Enforcement-15 USC 1667d section FIRREA penalties include:

Question 67

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_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purch

Question 68

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An exempted borrower is a member of a national securities exchange or a registered broker or dealer who:

Question 69

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Banks may extend and maintain purpose credit without complying with Regulation U if the credit is extended:

Question 70

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Margin stock includes:

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 61

In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived, containing the following information:

Gross capitalized cost (including the agreed-on value of the vehicle)

Rent charge (the difference between the total of base payment over the lease term minus the depreciation and any amortized amounts)

Itemization of other charges that are part of the periodic payment

All of the above

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Question 62

Which one of the following should be included in an early termination notice in case of the termination from consumer leasing agreement?

A warning to the consumer that a substantial charge may result from early termination (required only in a motor vehicle lease)

A statement of the conditions under which the lessee or lessor may terminate the lease prior to the end of the lease term

The purchase option at the end of the lease term

The amount of any penalty or other charge for early termination (the penalty must be reasonable)

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In Consumer Leasing Act Content of non-segregated disclosures may be made separately or as part of another document (such as the lease agreement); however, other information cannot be stated, used, or placed so as to mislead or confuse the consumer. Other disclosures include all of the following EXCEPT:

A statement of the conditions under which the lessee or lessor may terminate the lease before the end of the lease term, along with the amount (or a description of the method of how the amount is determined) of any penalty or other charge for early termination

Whether the lessee has the option to purchase the leased property during the lease term and, if applicable, the purchase price (or method for determining it) and when the lessee may exercise it

The lessee's right to an independent appraisal of the property if the lessee's liability at the end of the lease is based on the realized value of the leased property, and that the appraisal will be binding on all parties

A statement of maintenance responsibilities including the counter bank responsible and a description of the responsibility

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Question 64

Under Renegotiations, extensions, and assumptions-12 CFR 213.5; any lease that is renegotiated or extended by longer than six months is considered to be a new lease, subject to new disclosure requirements, except when:

One or more payments are deferred, whether or not there is a charge for the deferral

Lease property is substituted with property of substantially equivalent or greater value, if no other lease terms are changed

In a multiple-item lease, property is added, deleted, or substituted provided the average periodic payment does not change by more than 35 percent

There is an agreement resulting from a pre-order

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Question 65

In Advertising-12 CFR 213.7, if a percentage rate is used in an advertisement, it cannot be more prominent than any other disclosure, EXCEPT:

For the warning regarding the limitation of the rate as a measurement of cost

For beginning at least 3 days before and ending at least 10 days after the broadcast

For required disclosures in advertisements

For an advertisement accessed in electronic form

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Question 66

Under Consumer Leasing Act Enforcement-15 USC 1667d section FIRREA penalties include:

Penalties up to $8,500 per day for violations of laws and regulations

Penalties up to $37,500 per day if violations or unsafe or unsound practices are engaged in recklessly or are part of a pattern of misconduct that causes more than a minimal loss to the bank or any pecuniary gain to the parties involved

Penalties up to $1,375,000 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party

Penalties up to $9,500 per day for violations of laws and regulations

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Question 67

_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations

Regulation U

Regulation V

Regulation Z

Regulation X

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Question 68

An exempted borrower is a member of a national securities exchange or a registered broker or dealer who:

Maintains at least 1,000 active accounts annually for persons other than brokers, dealers, and persons associated with brokers and dealers

Earns at least $10 million in gross revenues on an annual basis from transactions with persons other than brokers, dealers, and persons associated with brokers and dealers, or

Earns at least 10 percent of its gross revenues on an annual basis from transactions with persons other than brokers, dealers, and persons associated with brokers and dealers

None of these

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Question 69

Banks may extend and maintain purpose credit without complying with Regulation U if the credit is extended:

To a bank auditor

To a qualified employee stock ownership plan running previously but not now

To any customer, other than a broker or dealer, to temporarily finance the purchase or sale of securities for prompt delivery, if the credit is to be repaid in the ordinary course of business on the completion of the transaction

To enable a customer to meet emergency expenses not reasonably foreseen and if the bank obtains a good faith statement from the customer. Emergency expenses are ones related to unforeseen death or disability, not a chance to make a profit.

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Question 70

Margin stock includes:

Equity securities registered or having delisted trading privileges on a national securities exchange:

Over-the-counter (OTC) securities that do not qualify for trading in the National Market System

Warrants or rights to subscribe to or purchase a common stock

Securities issued by a investment company registered under the Investment Company Act, except for: A company licensed under the Small Business Investment Company Act A company that has at least 95 percent of its assets continuously invested in exempted securities; or A company that issues face-amount certificates; or A company that is considered a money market fund under the SEC Rules

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Total 463 questions

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