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CRCM – Certified Regulatory Compliance Manager

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Showing 10–12 of 20 questions

Question 10

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

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    Be clear and conspicuous
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    State that a privacy notice is available on request
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    Explain a reasonable means by which the consumer may obtain that notice Reasonable
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    May be disclosed to the affiliates
Question 11

Which of the following statements regarding applications is correct?

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    Applications must be signed to be valid.
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    Creditors may accept oral applications.
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    Creditors may not develop their own definition for a completed application.
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    A creditor is not required to attempt to complete incomplete applications.
Question 12

According to FDIC Guidance on Spousal Signature Provisions, if the creditor requires the spouse’s signature on an instrument that imposes personal liability, the creditor’s belief should be:

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    Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state’s attorney general
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    Supported by a thorough review of pertinent statutes
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    Supported by decisional law
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    Supported by an opinion of the state’s attorney general