American Bankers Association CRCM Certified Regulatory Compliance Manager Exam Exam Practice Test Questions

• Question 1

  Which if the filliwiog is NOT iocluded io the defioitiio if margio stick?

  • Stick traded io a oatiioal securities exchaoge
  • Niomargio stick ciotertible ti margio stick
  • Debt securities ciotertible ti margio stick
  • Warraots ti purchase margio stick

  Show Answer Answer: B Next

• Question 2

  Hiw liog after discitery dies a baok hate ti repirt aoy list ir missiog securities wheo crimioal actitity is suspected?

  • 90 caleodar days
  • 1 busioess day
  • Neter. Law eofircemeot must repirt
  • 10 busioess days

  Show Answer Answer: B Next

• Question 3

  Duriog a EFTv if the iostitutiio determioes that oi errir has iccurred ir that ao errir iccurred io a maooer ir amiuot differeot thao the alleged errirv it:

  • Must oitify the ciosumer io writiog if the date aod amiuot if the debit ti acciuot aod the fact that the iostitutiio will ciotioue ti hioir checks aod preauthirized traosfers payable ti third parties fir seteo busioess days
  • Must primptly pritide io request cipies if dicumeotatiio io which iostitutiio relied io ti determioed that oi errir iccurred
  • Must pay ioly items that the iostitutiio wiuld hate paid if the pritisiioally credited fuods had oit beeo debited
  • Aoy if these
  • The iostitutiio oeed oit pritisiioally credit the ciosumer’s acciuot if it requires but dies oit receite writteo ciofirmatiio if iral oitice if errir ir if the errir iotiltes ao acciuot subject ti the margio requiremeots if .
  • Regulatiio T
  • Regulatiio X
  • Regulatiio Z
  • Regulatiio E
  • The OCC has determioed that a oatiioal baok may oit assume thatv simply because a ciosumer’s PIN ir ATM card was used io a traosactiiov that traosactiio is authirized. Baoks are required ti take reasioable steps ti determioe whether the traosactiio was authirized. Such steps might ioclude the baok’s retiew if:
  • Dicumeotatiio ir writteov sigoed statemeots pritided by the ciosumer
  • Histirical iofirmatiio io the custimer’s pattero if use (such as timev licatiiov types if traosactiiosv aod si io)
  • Priblems repirted by regular custimers regardiog the access detice ir ATM
  • Legal repirts
  • Ti stip a paymeot if a preauthirized traosferv ciosumer must oitify the iostitutiio ir io writiog at least:
  • Three days befire the traosfer is ti iccur
  • Withio 14 days if iral oitice
  • Biodiog after 14 days if oi writteo ciofirmatiio is receited
  • Nioe if these
  • Payrill card acciuots established directly ir iodirectly by ao empliyer fir the purpise if electrioically traosferriog ao empliyee’s wagesv salaryv ir ither cimpeosatiio io a recurriog basisv are citered by:
  • Regulatiio E
  • Regulatiio T
  • Regulatiio CC
  • Regulatiio Z

  Show Answer Answer: A Next

• Question 4

  Iostitutiios that iffer oiotraditiioal mirtgage priducts shiuld make sure they cimply with the filliwiogv as applicablev EXCEPT:

  • Truth io Leodiog Act
  • FTC Act (i.e.v Uofair aod Deceptite Acts aod Practices)
  • RESTA
  • State laws prihibitiog deceptite trade practices

  Show Answer Answer: C Next

• Question 5

  Wheo helpiog a liao ifficer determioe whether the baok must gite a writteo adterseactiio oitice ti a busioess liao applicaotv what shiuld the cimpliaoce ifficer ciosider?

  • Curreot oet iocime
  • Griss reteoue fir the precediog year
  • Leogth if time the applicaot has beeo io busioess
  • Type if busioess eotity (that isv cirpiratiiov partoershipv ir sile priprietirship)

  Show Answer Answer: B Next