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ABA CRCM Practice Test - Questions Answers, Page 8

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Question 71

(0)

Purpose credit is credit for all of the following EXCEPT:

Question 72

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

Question 73

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

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:

Question 75

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

Question 76

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

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 enforcemen

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:

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.

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

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 71

Purpose credit is credit for all of the following EXCEPT:

Immediate purpose of purchasing or carrying margin stock

Incidental purpose of purchasing or carrying margin stock

Ultimate purpose of purchasing or carrying margin stock

Accidental purpose of purchasing or carrying margin stock

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Question 72

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

Currently 50 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 Equity Reserve

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Question 73

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

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

All of the above

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Question 74

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

Capital contribution leases

Credit to clearing banking authorities

Underwriter loans

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Question 75

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

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 that may be fair and can't expose a bank to compliance and reputation risk

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Question 76

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

''Up-to'' marketing

Promotional rate marketing

Repricing of accounts and other changes in credit terms

Lending to insiders

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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

Disclosures of loans made to insiders

Both of these

None of these

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Question 78

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

Chairman of the board

President

Each vice-president and above (for example, senior vice-president, executive vicepresident, and so on)

Brokerage house's vice president

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Question 79

____________ 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

Treasury

FDIC

Affiliates

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Question 80

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)

Extension of credit-12 CFR 215.3

Lending restrictions

Intangible economic-benefit rule

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Total 463 questions

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