Practice CRCM Exam Online

Question 1

First National Bank would like to adopt a recordkeeping system that complies with the requirements

of Regulation O. Which of the following best describes the recordkeeping system required by

Regulation O?

A :

A system in which the bank annually surveys all executive officers of First National and its affiliates

to determine the insiders’ related interests

B :

A system in which the bank asks all borrowers as loans are made whether the borrower is a

related interest of an insider

C :

A system that surveys insiders of First National annually and requires each insider to disclose his or

her related interests

D : A system that requires an annual survey of affiliate insiders

Answer: C

Question 2

What information must be on the loan application registers for home loans on property located within the bank’s metropolitan area?

A : The county, census tract, and metropolitan area of the property

B : The address, census tract, and metropolitan area of the property

C : The county, address, and fair market value of the property

D : The name, address, and metropolitan area of the applicant

Answer: A

Question 3

Of the following practices, which one is NOT accepted in insurance and annuity sales?

A : Reviewing insurance company ratings

B : Monitoring customer complaints against insurance companies

C : Verifying that personnel are properly licensed

D : Churning accounts

Answer: D

Question 4

_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations

A : Regulation U

B : Regulation V

C : . Regulation Z

D : Regulation X

Answer: A

Question 5

A compliance professional’s responsibilities include all of the following EXCEPT:

A : Understanding the business units operating environment and risk tolerance

B : Performing risk assessments with the assistance of business units to determine current risk levels and risks associated with the bank’s products, lines of business, customers, and locations, among other factors

C : Working with business units to ensure prompt corrective action for any detected errors

D : Assisting business lines with compliance training for employees, as needed

Answer: D

Name:	Certified Regulatory Compliance Manager
Exam Code:	CRCM
Certification:	Compliance and Risk Management
Vendor:	American Bankers Association
Total Questions:	465
Last Updated:	Apr 22, 2024

American Bankers Association CRCM