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CRCM – Certified Regulatory Compliance Manager

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Showing 7–9 of 20 questions

Question 7

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation

B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

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    Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
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    If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if
    The information is voluntarily disclosed to the government
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    The public or is used in any manner as a defense to a discrimination charge
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    credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer
Question 8

Which of the following should be done during research and interpreting regulations Compliance professionals in mitigating compliance risk?

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    Track regulatory proposals
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    Implementing final regulatory rules
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    Understanding the business units’ operating environment and risk tolerance
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    Ranking solutions as high, moderate and low risk
Question 9

Consumers are not considered to be the customers if they do not have continuing relationship with the financial institution. A relationship is considered NOT to be a continuing relationship if:

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    The consumer obtains financial services only in isolated transactions, such as using an ATM
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    The consumer’s loan is sold and servicing rights are retained
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    The consumer purchases airline tickets or travel insurance in an isolated transaction
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    The consumer is a beneficiary or grantor of a trust not administrated by the bank