Download CERTIFIED REGULATORY COMPLIANCE MANAGER.CRCM.PracticeDumps.2018-05-25.275q.vcex

Vendor: Banking
Exam Code: CRCM
Exam Name: CERTIFIED REGULATORY COMPLIANCE MANAGER
Date: May 25, 2018
File Size: 152 KB
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Demo Questions

Question 1
________________is defined as every aspect of an applicant’s dealing with a creditor, beginning with information gathering and continuing through to the servicing and collection of the loan.
  1. Credit terms
  2. Credit rating
  3. Credit transaction
  4. Credit application
Correct answer: C
Question 2
In Processing and evaluating applications—12 CFR 202.6, protected income part is also under discussion. Which of the following considerations is NOT its part?
  1. Public assistance income may not consider whether an applicant’s income is from a public assistance source
  2. Public assistance income may consider as it relates to another pertinent element of creditworthiness
  3. May consider length of time public assistance income will be received, whether the applicant will continue to qualify for the income, and whether the income can be garnished
  4. Can discount or refuse to consider the following: 
    Part-time income 
    Annuities 
    Pensions 
    Retirement benefits 
    Alimony, child support, and separate maintenance payments to the extent they are likely to be consistently made
Correct answer: D
Question 3
Credit scoring systems:
  1. Evaluate an applicant’s creditworthiness mechanically, based on key attributes of the applicant and aspects of the transaction, and determine, alone or in conjunction with an evaluation of additional information about the applicant, whether an applicant is deemed creditworthy
  2. Are evaluated by regulatory agencies to determine whether they are empirically derived and statistically sound and to examine: 
    The bank’s policies on the use of the credit scoring system 
    Training of bank employees on the use of the system 
    The number of high-side and low-side overrides of the system
  3. Both of these
  4. None of these
Correct answer: C
Question 4
Federal regulations define special-purpose credit-12 CFR 202.8 to include:
  1. Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons
  2. Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person
  3. A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility
  4. If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant
Correct answer: ABC
Question 5
These are the definitions of _____________: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender’s accounts of that type. A refusal to increase the amount of credit available to an applicant who has made an application for an increase
  1. Adverse action-12 CFR 202.2(c)
  2. Special-purpose credit-12 CFR 202.8
  3. Refusals- 12 CFR 202.8
  4. security agreements-12 CFR 202.2(c)
Correct answer: A
Question 6
FDIC guidance lists three requirements to ensure compliance with spousal signature rules include all of the following EXCEPT:
  1. Review and revise policies 
    Eliminate policies or procedures that are inconsistent with the requirements 
    Expand loan policies and procedures to provide loan staff with specific guidance on state law(s) regarding requiring signatures Cover the laws of all states where the creditor institution does business Create checklists to address situations when spousal signatures can be required
  2. Provide training to consumer and commercial loan staff
  3. Implement monitoring and auditing programs to check for spousal signature violations
  4. Must allow an applicant to designate a birth-given first name and a birth-given, surname, spouse’s surname, or combination
Correct answer: D
Question 7
Content of notification to credit consumers must contain:
  1. Statement of the action taken
  2. Name and address of creditor
  3. Statement of the specific reasons for the adverse action or a disclosure of the applicant’s right to receive the specific reasons within 30 days of a request. The request for specific reasons must be made within 60 days of the receipt of the adverse action notice.
  4. Statement of the specific reasons for the adverse action or a disclosure of the applicant’s right to receive the specific reasons within 15 days of a request. The request for specific reasons must be made within 30 days of the receipt of the adverse action notice.
Correct answer: ABC
Question 8
A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if
  1. Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
  2. The information is voluntarily disclosed to the government
  3. The public or is used in any manner as a defense to a discrimination charge
  4. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer
Correct answer: BC
Question 9
Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:
  1. The text of any prescreened solicitation
  2. All other written information concerning the applicant
  3. The list of criteria used to select recipients
  4. Any record of complaints regarding the solicitation
Correct answer: B
Question 10
According to FDIC Guidance on Spousal Signature Provisions, if the creditor requires the spouse’s signature on an instrument that imposes personal liability, the creditor’s belief should be:
  1. Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state’s attorney general
  2. Supported by a thorough review of pertinent statutes
  3. Supported by decisional law
  4. Supported by an opinion of the state’s attorney general
Correct answer: A
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