Attend this Banking CRCM Certified Regulatory Compliance Manager Exam will get a Good Score 80% on Main Exam
Description
Sample Questions:
For a U.S. bank with domestic and foreign locations, which transaction does NOT require an information return to report the amount of interest paid?
A loan made to James Roberts, a U.S. resident, payable at the bank’s New York office, to purchase securities secured by the borrower’s home in Mexico
A loan made to Robert and Louise LeBlanc, who are resident aliens, payable at the bank’s New York office, secured by a piece of real property located in Canada
A loan made to Smith and Withers, a partnership formed for the practice of law, located in the United States, payable at the bank’s New York office, guaranteed by Mr.
Smith and Mr. Withers, and secured by the law firm’s office building
A loan made by Mrs. West, a U.S. citizen, to purchase a mobile home and the lot on which it will be placed; both the mobile home and lot are located in the United States
By which date must an interest reporting statement be sent to the borrower’s last known address?
January 15 of the year following the year the interest is paid
January 31 of the year following the year the interest is paid
February 28 of the year following the year the interest is paid
March 1 of the year following the year the interest is paid
On foreclosure, which of the following loans is subject to the reporting requirements for foreclosed and abandoned property?
A loan made to purchase a family car, secured by the car
An unsecured loan made to purchase a computer used in the borrower’s business
A loan made to purchase a residence, secured by the residence
A loan made to purchase a home computer, secured by the computer
First National Bank has foreclosed on several loans. One of the loans is not subject to the requirement to submit an information return on the foreclosed property. Which loan is most likely NOT covered by the regulations?
A loan to Brown & Associates, a local law firm, to purchase furniture, secured by the furniture
A loan to Mrs. Lynch to purchase stereo equipment for use in her office waiting room
A loan to Dr. Stevens to purchase kitchen appliances
A loan to Mr. and Mrs. Sanders to purchase a computer for their antique shop
If a bank receives a request for financial disclosure, how may the bank fulfill this request?
Provide copies of the call reports covering the current and previous year
Provide a copy of its statement of condition covering the year immediately preceding the request
Provide a copy of its most recent, unaudited financial statement
Provide copies of its Uniform Bank Performance Reports for three consecutive years
A bank is planning to sell eight branches. The compliance officer participates on a bank committee to oversee the process. What should be the compliance officer’s PRIMARY concern?
That the bank’s revenues will not be affected severely
That the branches are closed in accordance with bank policy
That customers of the branches will continue to have access to banking services
That the bank’s confidential information is returned to the main office
Which of the following must be included in a branch closing notice to a bank’s regulatory agency?
Comments from customers who oppose the closing
Detailed statement of the reasons for the closing
Copy of the notice to be sent to affected customers
Copy of board minutes reflecting the decision to close
A bank has a stand-alone ATM in a high crime are A. Due to concerns for the safety of individuals using the ATM, management decides to close it. According to branch closing policy statements issued by federal regulators, which of the following actions should the bank take?
No action is required because an ATM is not, by definition, a branch.
Post a notice at the ATM at least 30 days before the intended closing date.
Notify the bank’s federal regulatory agency at least 90 days before the intended closing date.
Mail a notice to all customers at least 90 days before the intended closing date.
Who this course is for:
- Those who want to get knowledge on Certifications & Check your Skill Test while attend this Practice Test
