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CRCM – Certified Regulatory Compliance Manager

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Showing 13–15 of 20 questions

Question 13

First National Bank is attempting to determine which of the following customers would qualify as exempt persons: • Nationwide Foods, Inc., is a national company with stock listed on the New York Stock Exchange

• National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc.

• Products Incorporated, a depositor for three months, is a regional company whose stock is designated a NASDAQ Capital Markets Company and that sells and leases large boats

• Century Enterprises, a local company owning several local restaurants, is a long-time bank customer and frequently makes deposits in excess of $10,000. All of Century’s stock is owned by alocal family. Which of these customers would qualify as an exempt person?

Select an option, then click Submit answer.

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    All except for Nationwide Foods, Inc.
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    All except for National Paper Products
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    All except for Century Enterprises
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    All except for Products Incorporated
Question 14

A bank has given a customer a merchandise gift with a fair market value of $25.00 for opening a deposit account. Which of the following statements describes the proper reporting status of this gift?

Select an option, then click Submit answer.

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    If the cost of the gift is under $20.00, it is not reportable to the IRS.
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    The cost of the gift is credited to the customer's account as a bonus, increasing the account balance.
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    The fair market value of the gift is reported to the customer on the periodic statement.
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    The fair market value of the gift is added to the interest paid and reported on Form 1099-INT.
Question 15

EFT provides consumers with limitations on liability for unauthorized electronic fund transfers. It includes the following types of funds transfers EXCEPT:

Select an option, then click Submit answer.

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    Point-of-sale transfers
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    Automated teller machine (ATM) transfers
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    Transfers initiated by Fax
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    Withdrawals of funds, including merchant transactions where no electronic terminal is involved, if the customer’s account is debited