CRCM

During a recent compliance examination, regulators cited the bank for violations of various marketing regulations. How should the compliance professional FIRST respond? ANSWERS-Review the marketing materials and applicable regulations to verify the finding. When a bank is cited for a regulatory violation, the compliance professional must first determine whether the bank should agree with it. This is done by reviewing the pertinent regulations and affected materials. If the citation is supported...

Completing the annual report of indebtedness to correspondent banks. Reg O:The account will be credited promptly. Reg E:Currency Transaction Reports CRTs AML not BSA Handicap accessibility to property secured by a first mortgage loan made by the bank. Fair Housing Act:

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? 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 inst...

When reviewing exemptions for continued eligibility under the Bank Secrecy Act, a review of which of the following is LEAST helpful? Correct Answer: Currency Transaction Reports (CTRs) A number of bank customers are members of the Army Reserve and have been called to active duty for six months. Your bank's president wishes to issue a press release stating that the bank will suspend all loan payment requirements while loan holders are on duty, extend the maturity date of each loan, and permi...

When developing a training plan for commercial lenders, which of the following regulations is least important to include? - ANSWER Truth in Lending Act, CFPB Regulation Z The federal banking agencies have proposed an amendment to Regulation Z that would require a new early disclosure statement for loans secured by the borrower's principal dwelling. After reading the proposed change, what should the compliance professional do FIRST? - ANSWER Prepare a summary document that outlines the effect...

Completing the annual report of indebtedness to correspondent banks. Reg O: Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include ____________. The account will be credited promptly. Reg E: A customer who has preauthorized transfers made on the 15th of each month to the utility company, sent written notification to the bank on the 5th of the current month that he wanted to discontinue the automatic transfers. The bank received...