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CRCM Sample Exam 100 Questions and
Answers (100% Correct Answers) Already
Graded A+
1. The bank is beginning e-banking and wants to deliver a full range of
consumer electronic services. The compliance manager is a member of
the project team. Which of the following functions is MOST appropriate
for the compliance manager during the INITIAL stages of this project?
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A. Drafting the content of the electronic disclosures
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B. Setting reasonable and competitive fees for the services offered
C. Determining which products to include in the electronic delivery
system
D. Identifying the consumer protection regulatory provisions on liability
and error resolution Ans: D. Identifying the consumer protection
regulatory provisions on liability and error resolution
2. You have learned that the Consumer Financial Protection Bureau has
issued a proposed regulation to implement a recently enacted federal
law. The proposal would have a significant adverse impact on one of
the financial institution's existing activities. You have prepared a
summary of the proposal for management. Which of the following
actions is MOST appropriate for you to take?
A. Wait to distribute information until the rule is final.
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B. Distribute the summary and begin efforts to comply with the proposed
requirements.
C. Distribute the summary and advise that the financial institution may
send a comment letter.
D. Distribute the summary along with guidance on how to lobby
Congress to amend the recent law. Ans: C. Distribute the summary and
advise that the financial institution may send a comment letter.
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3. A customer presented $13,000 in cash for deposit to her account. She
withheld $4,000 from the transaction when the teller began to complete
a CTR. In this situation, the bank should ____________.
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A. file the appropriate SAR form with respect to the structured
transaction
B. make an entry in its log of cash sales of monetary instruments
C. file a CTR for the $13,000 transaction
D. refuse the transaction Ans: A. file the appropriate SAR form with
respect to the structured transaction
4. An internal fair lending review indicated no evidence of overt
discriminatory practices. However, 60% of the unsecured loans approved
to male applicants were charged loan fees that were lower than the
bank's policy, and only 10% of the female applicants received reduced
loan fees. There was insufficient documentation in the credit files to justify
these pricing differences. The MOST appropriate action the compliance
officer should take is to ____________.
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A. note the event, but indicate that no overt discrimination was found
B. conduct a complete demographic and regression analysis to
determine the full extent of this fair lending issue
C. develop specific policy provisions for fee exception approvals and
documentation, and retrain lending personnel
D. anticipate a referral to the Department of Justice on the next
© 2026 Assignment Expert
regulatory exam due to inconsistent application of loan policy that has
resulted in disparate im Ans: C. develop specific policy provisions for fee
exception approvals and documentation, and retrain lending personnel
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5. To ensure that your institutions policies and procedures are in
compliance with Regulation B and its requirements relating to spousal
signatures, what is the most effective action you, as the compliance
officer, should take?
A. Research state signature requirements in all states in which customers
could reside or own property and prepare a legal brief for management
on the findings
B. Ensure that the institution adopts a continuing guarantee for all
commercial loans
C. Review customer complaints relating to spousal signatures in the
lending department
D. Provide periodic training on spousal signature requirements of
Regulation B to lending staff Ans: D. Provide periodic training on spousal
signature requirements of Regulation B to lending staff
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6. A bank is considering changing its business hours of operation.
Currently, branches arre not open on Saturdays and Sundays. The bank
is considering opening all branches on Saturdays from 9:00 am to 11:00
am for routine teller transactions through the drive-up windows. The loan
operations manager asks the compliance manager how this change will
impact the process for mailing consumer loan disclosures to customers
for mortgage loans. The compliance manager responds by explaining
that:
A. The change will require the bank to consider Saturday as a business
© 2026 Assignment Expert
day for purposes of delivering Loan Estimates to consumers after receipt
of an application.
B. The change will not affect the timing of delivery of Loan Estimates to
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consumers after receipt of an application.
C. The change will affect the timing of delivery of Revised Loan Estimates
to consumers after receipt of an application.
D. The change will require the ba Ans: B. The change will not affect the
timing of delivery of Loan Estimates to consumers after receipt of an
application.
7. An auditor asked for your guidance regarding an audit in process.
Review of 20 adverse action notices revealed that 2 were sent late, and
2 did not show the name and address of the credit reporting agency
when required by the Fair Credit Reporting Act. Each of the errors was
made by a different employee. Given these findings, you should advise
the auditor to ____________.
A. continue with the audit, as this is not a problem
1
CRCM Sample Exam 100 Questions and
Answers (100% Correct Answers) Already
Graded A+
1. The bank is beginning e-banking and wants to deliver a full range of
consumer electronic services. The compliance manager is a member of
the project team. Which of the following functions is MOST appropriate
for the compliance manager during the INITIAL stages of this project?
© 2026 Assignment Expert
A. Drafting the content of the electronic disclosures
Guru01 - Stuvia
B. Setting reasonable and competitive fees for the services offered
C. Determining which products to include in the electronic delivery
system
D. Identifying the consumer protection regulatory provisions on liability
and error resolution Ans: D. Identifying the consumer protection
regulatory provisions on liability and error resolution
2. You have learned that the Consumer Financial Protection Bureau has
issued a proposed regulation to implement a recently enacted federal
law. The proposal would have a significant adverse impact on one of
the financial institution's existing activities. You have prepared a
summary of the proposal for management. Which of the following
actions is MOST appropriate for you to take?
A. Wait to distribute information until the rule is final.
,For Expert help and assignment handling,
2
B. Distribute the summary and begin efforts to comply with the proposed
requirements.
C. Distribute the summary and advise that the financial institution may
send a comment letter.
D. Distribute the summary along with guidance on how to lobby
Congress to amend the recent law. Ans: C. Distribute the summary and
advise that the financial institution may send a comment letter.
© 2026 Assignment Expert
3. A customer presented $13,000 in cash for deposit to her account. She
withheld $4,000 from the transaction when the teller began to complete
a CTR. In this situation, the bank should ____________.
Guru01 - Stuvia
A. file the appropriate SAR form with respect to the structured
transaction
B. make an entry in its log of cash sales of monetary instruments
C. file a CTR for the $13,000 transaction
D. refuse the transaction Ans: A. file the appropriate SAR form with
respect to the structured transaction
4. An internal fair lending review indicated no evidence of overt
discriminatory practices. However, 60% of the unsecured loans approved
to male applicants were charged loan fees that were lower than the
bank's policy, and only 10% of the female applicants received reduced
loan fees. There was insufficient documentation in the credit files to justify
these pricing differences. The MOST appropriate action the compliance
officer should take is to ____________.
,For Expert help and assignment handling,
3
A. note the event, but indicate that no overt discrimination was found
B. conduct a complete demographic and regression analysis to
determine the full extent of this fair lending issue
C. develop specific policy provisions for fee exception approvals and
documentation, and retrain lending personnel
D. anticipate a referral to the Department of Justice on the next
© 2026 Assignment Expert
regulatory exam due to inconsistent application of loan policy that has
resulted in disparate im Ans: C. develop specific policy provisions for fee
exception approvals and documentation, and retrain lending personnel
Guru01 - Stuvia
5. To ensure that your institutions policies and procedures are in
compliance with Regulation B and its requirements relating to spousal
signatures, what is the most effective action you, as the compliance
officer, should take?
A. Research state signature requirements in all states in which customers
could reside or own property and prepare a legal brief for management
on the findings
B. Ensure that the institution adopts a continuing guarantee for all
commercial loans
C. Review customer complaints relating to spousal signatures in the
lending department
D. Provide periodic training on spousal signature requirements of
Regulation B to lending staff Ans: D. Provide periodic training on spousal
signature requirements of Regulation B to lending staff
, For Expert help and assignment handling,
4
6. A bank is considering changing its business hours of operation.
Currently, branches arre not open on Saturdays and Sundays. The bank
is considering opening all branches on Saturdays from 9:00 am to 11:00
am for routine teller transactions through the drive-up windows. The loan
operations manager asks the compliance manager how this change will
impact the process for mailing consumer loan disclosures to customers
for mortgage loans. The compliance manager responds by explaining
that:
A. The change will require the bank to consider Saturday as a business
© 2026 Assignment Expert
day for purposes of delivering Loan Estimates to consumers after receipt
of an application.
B. The change will not affect the timing of delivery of Loan Estimates to
Guru01 - Stuvia
consumers after receipt of an application.
C. The change will affect the timing of delivery of Revised Loan Estimates
to consumers after receipt of an application.
D. The change will require the ba Ans: B. The change will not affect the
timing of delivery of Loan Estimates to consumers after receipt of an
application.
7. An auditor asked for your guidance regarding an audit in process.
Review of 20 adverse action notices revealed that 2 were sent late, and
2 did not show the name and address of the credit reporting agency
when required by the Fair Credit Reporting Act. Each of the errors was
made by a different employee. Given these findings, you should advise
the auditor to ____________.
A. continue with the audit, as this is not a problem
