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CRCM – Certified Regulatory Compliance Manager

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Showing 1–3 of 20 questions

Question 1

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

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    Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
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    Appropriate treatment of losses associated with these products
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    Assessment of the adequacy of its internal controls and risk mitigation activities
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    Before entering into a contract, the bank must obtain the customer’s written affirmative election to enter into the contract and written acknowledgement of the receipt of the disclosures
Question 2

Which of the following usually comes under the heading of abusive lending?

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    Abusive lending usually is defined by a variety of lending practices
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    It is the excessive and hidden fees in the amount financed
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    A fundamental characteristic is aggressive marketing of credit to prospective borrowers who cannot repay it on the terms offered
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    Typically, such loans are underwritten on the liquidation value of the collateral rather than the creditworthiness of the borrower
Question 3

Cash items’ payment proceeds must be available to the Reserve Bank by the latest of:

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    The next clock hour that is after the hour the paying bank receives the item
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    9:30 A.M. Eastern time
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    Such other time as provided in the Reserve Bank’s operating circulars
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    Both A and B