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CRCM – Certified Regulatory Compliance Manager

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Showing 16–18 of 20 questions

Question 16

By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank and paying bank that:

Select an option, then click Submit answer.

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    The Reserve Bank has good title to the item
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    The item has not been altered
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    The item bears all endorsements applied by parties that have previously handled the item in paper or electronic form
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    All of these
Question 17

The OCC recommends all but one of the following actions to help prevent a national bank’s purchasing or acquiring predatory or abusive loans. Which practice is NOT recommended?

Select an option, then click Submit answer.

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    Establish policies on the bank’s relationship with third-party brokers and originators
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    Review loan documentation
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    Audit the third-party broker
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    Require the broker to establish a reserve account for legal contingencies
Question 18

If a bank receives a request for financial disclosure, how may the bank fulfill this request?

Select an option, then click Submit answer.

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    Provide copies of the call reports covering the current and previous year
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    Provide a copy of its statement of condition covering the year immediately preceding the request
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    Provide a copy of its most recent, unaudited financial statement
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    Provide copies of its Uniform Bank Performance Reports for three consecutive years