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CRCM Sample Exam Questions and Answers
(100% Correct Answers) Already Graded A+
A
2378070B62CD4C4D9877272589CAF7A1
The correct answer is a. Incorrect. Ans: 1. ABC Bank is considering
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offering a special loan promotion in conjunction with the local cosmetic
surgeon, Dr. Tucker, PC. The bank's loan application forms will be
available in the doctor's office and patients who want to finance
cosmetic surgery procedures can arrange financing directly with the
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bank. Dr. Tucker's officer will refer patients to the bank and provide bank
application forms upon request. The bank's application forms include an
authorization that the applicant signs allowing the bank to obtain
information from Dr. Tucker's office as necessary to process the
application for credit. Which of the following is true in connection with
such applications?
A. the bank is permitted to contact the doctor's officer to determine and
verify the medical purpose of the loan
B. the bank is not permitted to contact the doctor's office for information
relating to the credit application
C. the bank is permitted to contact the doctor's office only if the loan is
approved
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D. the bank is permitted to contact the doctor's office to obtain any
information about the applicant because the applicant provided the
signed authorization
B
506021D5DE194158A205EACA9A0CA659
The correct answer is b. Incorrect. Ans: 2. A compliance officer is
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monitoring the bank's opt-out forms and procedures for compliance with
the requirements of the Privacy of Consumer Financial Information
Regulation. A violation of this regulation will occur if the bank's opt-out
form ____________.
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A. requires the consumer to mail the form back to the bank to be
effective
B. requires the signatures of all joint account holders to be effective for
joint accounts
C. requires the consumer to call a toll-free telephone number during
normal business hours in order to opt-out
D. permits its on-line banking customers to opt out electronically by
completing the form on the bank's on-line banking site
D
96D68F041C6B42DC974769251836EA6D
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The correct answer is d. Incorrect. Ans: 3. By policy, a bank does not
collect income information on employee loan applications. When
completing the HMDA LAR's income field, the bank must record the
____________.
A. Zero dollar amount
B. income information, regardless of its policy
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C. income information, but may use codes to protect the employee's
identity
D. code for ''not applicable''
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D
907B516F47574992ACB55CAA31C5DDD3
The correct answer is d. Incorrect. Ans: 4. You learn that your bank has
created a report of all deposit and loan customers. Presumed gender
and ethnicity for each customer has been assigned based on customer
first and/or last names. You should tell management that they
____________.
A. Must destroy the report because of fair lending concerns
B. May provide the report to a third party vendor who is using it to
determine who will receive a flyer about home equity loans
C. Must provide the report to an affiliate for marketing purposes
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D. May use the report to conduct an internal fair lending review
D
E00F3D42457349F18B19424A87ECD6A5
The correct answer is d. Incorrect. Ans: 5. During a review of your bank's
customer identification procedures, you are likely to find regulatory
deficiencies if the bank does NOT ____________.
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A. require a CIP log at each branch in the prescribed format
B. require its employees to copy the customer's driver's license
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C. permit a passport as an acceptable form of identification
D. require verification of the identity of each customer
C
D94021E53EC0428395CD020FEA16FAC8
The correct answer is c. Incorrect. Ans: 6. During the past several years, a
bank has acquired several banks through merger. Management has
decided to standardize the various deposit products into a simplified list
of products, and to change all accounts accordingly. This will create
beneficial changes for some customers and adverse changes for others.
With regard to informing customers of the changes under Regulation DD,
the BEST course of action is to ____________.
1
CRCM Sample Exam Questions and Answers
(100% Correct Answers) Already Graded A+
A
2378070B62CD4C4D9877272589CAF7A1
The correct answer is a. Incorrect. Ans: 1. ABC Bank is considering
© 2026 Assignment Expert
offering a special loan promotion in conjunction with the local cosmetic
surgeon, Dr. Tucker, PC. The bank's loan application forms will be
available in the doctor's office and patients who want to finance
cosmetic surgery procedures can arrange financing directly with the
Guru01 - Stuvia
bank. Dr. Tucker's officer will refer patients to the bank and provide bank
application forms upon request. The bank's application forms include an
authorization that the applicant signs allowing the bank to obtain
information from Dr. Tucker's office as necessary to process the
application for credit. Which of the following is true in connection with
such applications?
A. the bank is permitted to contact the doctor's officer to determine and
verify the medical purpose of the loan
B. the bank is not permitted to contact the doctor's office for information
relating to the credit application
C. the bank is permitted to contact the doctor's office only if the loan is
approved
,For Expert help and assignment handling,
2
D. the bank is permitted to contact the doctor's office to obtain any
information about the applicant because the applicant provided the
signed authorization
B
506021D5DE194158A205EACA9A0CA659
The correct answer is b. Incorrect. Ans: 2. A compliance officer is
© 2026 Assignment Expert
monitoring the bank's opt-out forms and procedures for compliance with
the requirements of the Privacy of Consumer Financial Information
Regulation. A violation of this regulation will occur if the bank's opt-out
form ____________.
Guru01 - Stuvia
A. requires the consumer to mail the form back to the bank to be
effective
B. requires the signatures of all joint account holders to be effective for
joint accounts
C. requires the consumer to call a toll-free telephone number during
normal business hours in order to opt-out
D. permits its on-line banking customers to opt out electronically by
completing the form on the bank's on-line banking site
D
96D68F041C6B42DC974769251836EA6D
,For Expert help and assignment handling,
3
The correct answer is d. Incorrect. Ans: 3. By policy, a bank does not
collect income information on employee loan applications. When
completing the HMDA LAR's income field, the bank must record the
____________.
A. Zero dollar amount
B. income information, regardless of its policy
© 2026 Assignment Expert
C. income information, but may use codes to protect the employee's
identity
D. code for ''not applicable''
Guru01 - Stuvia
D
907B516F47574992ACB55CAA31C5DDD3
The correct answer is d. Incorrect. Ans: 4. You learn that your bank has
created a report of all deposit and loan customers. Presumed gender
and ethnicity for each customer has been assigned based on customer
first and/or last names. You should tell management that they
____________.
A. Must destroy the report because of fair lending concerns
B. May provide the report to a third party vendor who is using it to
determine who will receive a flyer about home equity loans
C. Must provide the report to an affiliate for marketing purposes
, For Expert help and assignment handling,
4
D. May use the report to conduct an internal fair lending review
D
E00F3D42457349F18B19424A87ECD6A5
The correct answer is d. Incorrect. Ans: 5. During a review of your bank's
customer identification procedures, you are likely to find regulatory
deficiencies if the bank does NOT ____________.
© 2026 Assignment Expert
A. require a CIP log at each branch in the prescribed format
B. require its employees to copy the customer's driver's license
Guru01 - Stuvia
C. permit a passport as an acceptable form of identification
D. require verification of the identity of each customer
C
D94021E53EC0428395CD020FEA16FAC8
The correct answer is c. Incorrect. Ans: 6. During the past several years, a
bank has acquired several banks through merger. Management has
decided to standardize the various deposit products into a simplified list
of products, and to change all accounts accordingly. This will create
beneficial changes for some customers and adverse changes for others.
With regard to informing customers of the changes under Regulation DD,
the BEST course of action is to ____________.
