CRCM EXAM 2025 NEWEST QUESTIONS
AND CORRECT ANSWERS | A+ GRADE
VERIFIED ANSWERS
An internal audit identified that covered borrowers under
the Military Lending Act (MLA) were being charged a
military annual percentage rate (MAPR) of more than 36%
on applicable loans. Once the issue has been remediated,
what should be done as a follow-up?
A. Review the MLA database
B. Complete an MLA risk assessment
C. Ensure the loans were closed and the balance due was
collected
D. Validate that the MAPR was reduced or fees waived to
get the MAPR to 36% or lower Correct Answer D. Validate
that the MAPR was reduced or fees waived to get the
MAPR to 36% or lower
Which is a mitigating factor when reviewing for fair lending
risk?
A. Pricing exceptions are allowed for the first 100 lender
requests each month
B. Marketing is limited to internet ads that appear during
housing market searches
C. Underwriting has a "no exceptions" policy, and a report
is run weekly to confirm
D. Servicing considers customer loan modification
requests on a case-by-case basis Correct Answer C.
,Underwriting has a "no exceptions" policy, and a report is
run weekly to confirm
When monitoring a bank's fair lending compliance, which
of the following is LEAST likely to be reviewed?
A. HMDA information
B. Adverse action letters
C. CRA disclosure statement
D. Applicant geographic locations Correct Answer C. CRA
disclosure statement
When evaluating a new relationship with a third-party
vendor, what should the compliance professional be
MOST concerned with?
A. Vendor providing indemnification from all regulatory
violations that may occur
B. The bank achieving financial goals and return on
investment with vendor contract
C. Internal testing and monitoring frequency of documents
provided by third-party vendor
D. Retention and reporting frequency of complaints
received by the third party from customers of the institution
Correct Answer D. Retention and reporting frequency of
complaints received by the third party from customers of
the institution
What should a compliance professional do FIRST after a
local competing bank receives an enforcement action for
BSA violations?
A. Review the enforcement action and include a summary
at the next board meeting.
,B. Ensure the findings from the enforcement action are
reviewed at the next annual audit.
C. Discuss the enforcement action with the regulator for
their guidance.
D. Review the enforcement action with management and
identify potential corrective actions. Correct Answer D.
Review the enforcement action with management and
identify potential corrective actions.
A bank's attorneys have drafted a new security agreement
containing a "dragnet clause" stating that collateral
securing previous loans will also secure any new loan
made by the bank to the same customer. Which of the
following statements describes Regulation Z's
requirements concerning disclosure involving this type of
language?
A. Regulation Z does not deal with this type of disclosure,
since this is a matter of state law.
B. Each time a subsequent loan is made, the bank must
list the loan number and collateral of the former loan on
the disclosure statement, and the borrower must initial that
section.
C. At the time a subsequent loan is made, the bank must
disclose that collateral securing previous loans will also
secure this loan.
D. Collateral securing other loans may not be pledged to
secure subsequent loans as set forth in Regulation Z.
Correct Answer C. At the time a subsequent loan is made,
the bank must disclose that collateral securing previous
loans will also secure this loan.
, A bank posted a complete set of the credit card
agreements offered to customers on its public website.
The compliance professional discovered that the bank
made changes to the customer credit card agreements on
June 30 and followed all the change-in-terms
requirements. What else needs to be done in this
situation?
A. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after July 1
B. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after July
31
C. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after
December 31
D. Update the customer credit card agreements on the
public website; the bank is not required to s Correct
Answer B. Update the customer credit card agreements
on the public website and submit the revised agreements
to the CFPB no later than the first business day on or after
July 31
Which statement is correct with regard to incorporating
requirements for compliance with consumer financial laws
— including prohibitions against unlawful discrimination
and unfair, deceptive, and abusive acts and practices —
into training for marketing personnel?
AND CORRECT ANSWERS | A+ GRADE
VERIFIED ANSWERS
An internal audit identified that covered borrowers under
the Military Lending Act (MLA) were being charged a
military annual percentage rate (MAPR) of more than 36%
on applicable loans. Once the issue has been remediated,
what should be done as a follow-up?
A. Review the MLA database
B. Complete an MLA risk assessment
C. Ensure the loans were closed and the balance due was
collected
D. Validate that the MAPR was reduced or fees waived to
get the MAPR to 36% or lower Correct Answer D. Validate
that the MAPR was reduced or fees waived to get the
MAPR to 36% or lower
Which is a mitigating factor when reviewing for fair lending
risk?
A. Pricing exceptions are allowed for the first 100 lender
requests each month
B. Marketing is limited to internet ads that appear during
housing market searches
C. Underwriting has a "no exceptions" policy, and a report
is run weekly to confirm
D. Servicing considers customer loan modification
requests on a case-by-case basis Correct Answer C.
,Underwriting has a "no exceptions" policy, and a report is
run weekly to confirm
When monitoring a bank's fair lending compliance, which
of the following is LEAST likely to be reviewed?
A. HMDA information
B. Adverse action letters
C. CRA disclosure statement
D. Applicant geographic locations Correct Answer C. CRA
disclosure statement
When evaluating a new relationship with a third-party
vendor, what should the compliance professional be
MOST concerned with?
A. Vendor providing indemnification from all regulatory
violations that may occur
B. The bank achieving financial goals and return on
investment with vendor contract
C. Internal testing and monitoring frequency of documents
provided by third-party vendor
D. Retention and reporting frequency of complaints
received by the third party from customers of the institution
Correct Answer D. Retention and reporting frequency of
complaints received by the third party from customers of
the institution
What should a compliance professional do FIRST after a
local competing bank receives an enforcement action for
BSA violations?
A. Review the enforcement action and include a summary
at the next board meeting.
,B. Ensure the findings from the enforcement action are
reviewed at the next annual audit.
C. Discuss the enforcement action with the regulator for
their guidance.
D. Review the enforcement action with management and
identify potential corrective actions. Correct Answer D.
Review the enforcement action with management and
identify potential corrective actions.
A bank's attorneys have drafted a new security agreement
containing a "dragnet clause" stating that collateral
securing previous loans will also secure any new loan
made by the bank to the same customer. Which of the
following statements describes Regulation Z's
requirements concerning disclosure involving this type of
language?
A. Regulation Z does not deal with this type of disclosure,
since this is a matter of state law.
B. Each time a subsequent loan is made, the bank must
list the loan number and collateral of the former loan on
the disclosure statement, and the borrower must initial that
section.
C. At the time a subsequent loan is made, the bank must
disclose that collateral securing previous loans will also
secure this loan.
D. Collateral securing other loans may not be pledged to
secure subsequent loans as set forth in Regulation Z.
Correct Answer C. At the time a subsequent loan is made,
the bank must disclose that collateral securing previous
loans will also secure this loan.
, A bank posted a complete set of the credit card
agreements offered to customers on its public website.
The compliance professional discovered that the bank
made changes to the customer credit card agreements on
June 30 and followed all the change-in-terms
requirements. What else needs to be done in this
situation?
A. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after July 1
B. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after July
31
C. Update the customer credit card agreements on the
public website and submit the revised agreements to the
CFPB no later than the first business day on or after
December 31
D. Update the customer credit card agreements on the
public website; the bank is not required to s Correct
Answer B. Update the customer credit card agreements
on the public website and submit the revised agreements
to the CFPB no later than the first business day on or after
July 31
Which statement is correct with regard to incorporating
requirements for compliance with consumer financial laws
— including prohibitions against unlawful discrimination
and unfair, deceptive, and abusive acts and practices —
into training for marketing personnel?
