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ABA CRCM Practice Test - Questions Answers, Page 8

List of questions

Question 71

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Purpose credit is credit for all of the following EXCEPT:

Immediate purpose of purchasing or carrying margin stock
Immediate purpose of purchasing or carrying margin stock
Incidental purpose of purchasing or carrying margin stock
Incidental purpose of purchasing or carrying margin stock
Ultimate purpose of purchasing or carrying margin stock
Ultimate purpose of purchasing or carrying margin stock
Accidental purpose of purchasing or carrying margin stock
Accidental purpose of purchasing or carrying margin stock
Suggested answer: D
asked 16/09/2024
Ben Pike
42 questions

Question 72

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Under collateral requirements-12CFR 221.7, maximum loan value of margin stock is:

Currently 50 percent of the current market value
Currently 50 percent of the current market value
Currently 70 percent of the current market value
Currently 70 percent of the current market value
Subject to change by the Federal Reserve
Subject to change by the Federal Reserve
Subject to change by the Equity Reserve
Subject to change by the Equity Reserve
Suggested answer: A, C
asked 16/09/2024
piera d'addelfio
35 questions

Question 73

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What is actually a Single credit rule-12 CFR 221.3(d)?

All purpose credit extended to a customer will be considered to be a single credit for purposes of Regulation U
All purpose credit extended to a customer will be considered to be a single credit for purposes of Regulation U
The value of all collateral securing all purpose loans will be aggregated to determine if it is sufficient
The value of all collateral securing all purpose loans will be aggregated to determine if it is sufficient
If unsecured purpose credit is extended before secured purpose credit, the loans need only be combined for purposes of applying the withdrawal and substitution rules
If unsecured purpose credit is extended before secured purpose credit, the loans need only be combined for purposes of applying the withdrawal and substitution rules
All of the above
All of the above
Suggested answer: D
asked 16/09/2024
Gaetano di Girolamo
41 questions

Question 74

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Which one of the following types of credit may be extended in Requirements case-12 CFR 221.3, 221.7:

Temporary advances in payment against delivery transactions
Temporary advances in payment against delivery transactions
Capital contribution leases
Capital contribution leases
Credit to clearing banking authorities
Credit to clearing banking authorities
Underwriter loans
Underwriter loans
Suggested answer: A, D
asked 16/09/2024
EDMARCIO S BRITO
29 questions

Question 75

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OCC advisory on credit card practice-AL-2004-10 in credit card practices covers:

Finance and credit management practices that may be unfair or deceptive and expose a bank to compliance and reputation risk
Finance and credit management practices that may be unfair or deceptive and expose a bank to compliance and reputation risk
Marketing and account management practices that may be unfair or deceptive and expose a bank to compliance and reputation risk
Marketing and account management practices that may be unfair or deceptive and expose a bank to compliance and reputation risk
Marketing and account management practices
Marketing and account management practices
Marketing and account management practices that may be fair and can't expose a bank to compliance and reputation risk
Marketing and account management practices that may be fair and can't expose a bank to compliance and reputation risk
Suggested answer: B
asked 16/09/2024
Genivaldo Costa
53 questions

Question 76

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Practice/s addressed in the guidance of OCC advisory on credit card practices-AL-2004- 10 is/are:

''Up-to'' marketing
''Up-to'' marketing
Promotional rate marketing
Promotional rate marketing
Repricing of accounts and other changes in credit terms
Repricing of accounts and other changes in credit terms
Lending to insiders
Lending to insiders
Suggested answer: A, B, C
asked 16/09/2024
josh hill
40 questions

Question 77

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Regulation O both restricts lending to insiders and requires that certain loans to insiders be disclosed. Each banking agency has adopted the provisions of Regulation O for administrative enforcement purposes. These were not found to be useful in preventing insider lending abuse. Regulation O governs which of the following areas major areas:

Lending to insiders
Lending to insiders
Disclosures of loans made to insiders
Disclosures of loans made to insiders
Both of these
Both of these
None of these
None of these
Suggested answer: C
asked 16/09/2024
Mahmoud Ziada
39 questions

Question 78

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Unless excluded by a board resolution or the bylaws, the following officers will be considered to be executive officers EXCEPT:

Chairman of the board
Chairman of the board
President
President
Each vice-president and above (for example, senior vice-president, executive vicepresident, and so on)
Each vice-president and above (for example, senior vice-president, executive vicepresident, and so on)
Brokerage house's vice president
Brokerage house's vice president
Suggested answer: D
asked 16/09/2024
Alex Fill
33 questions

Question 79

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____________ is any company of which the bank is a subsidiary or any other subsidiary of the same company of which the bank is a subsidiary.

Brokerage House
Brokerage House
Treasury
Treasury
FDIC
FDIC
Affiliates
Affiliates
Suggested answer: D
asked 16/09/2024
Babatunde Badiru
43 questions

Question 80

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It is an extension of credit will be deemed to be made to an insider if the proceeds are transferred to the insider or used for the insider's benefit. This rule does not apply if the credit is made on substantially the same terms and conditions as those made to a noninsider and if the proceeds are used in a bona fide transaction involving the acquisition of property, goods, or services from the insider. What is it?

Tangible economic benefit rule012 CFR 215.3(f)
Tangible economic benefit rule012 CFR 215.3(f)
Extension of credit-12 CFR 215.3
Extension of credit-12 CFR 215.3
Lending restrictions
Lending restrictions
Intangible economic-benefit rule
Intangible economic-benefit rule
Suggested answer: A
asked 16/09/2024
Antonio Pombo
39 questions
Total 463 questions
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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 purchasing margin stock are subject to additional limitations
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?