Completing the annual report of indebtedness to correspondent banks.
Reg O:
Instructions to executive officers regarding their reporting obligations under Regulation O should NOT include ____________.
The account will be credited promptly.
Reg E:
A customer who has preauthorized transf...
instructions to executive officers regarding their reporting obligations under regulation o should not include
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CRCM Final Test
Completing the annual report of indebtedness to correspondent banks.
Reg O: - Answer Instructions to executive officers regarding their reporting obligations
under Regulation O should NOT include ____________.
The account will be credited promptly.
Reg E: - Answer A customer who has preauthorized transfers made on the 15th of each
month to the utility company, sent written notification to the bank on the 5th of the
current month that he wanted to discontinue the automatic transfers. The bank received
the customer's notification on the 7th. On the 20th of the month, the customer
telephoned to state that his account balance indicated that payment was NOT stopped.
The bank should advise the customer that ____________.
Currency Transaction Reports CRTs
AML not BSA - Answer When reviewing exemptions for continued eligibility under the
Bank Secrecy Act, a review of which of the following is LEAST helpful?
1099A
IRS Regs - Answer When conducting an audit of IRS tax compliance procedures, you
should select a sample of which of the following forms?
Handicap accessibility to property secured by a first mortgage loan made by the bank.
Fair Housing Act: - Answer In monitoring a bank's compliance with the federal Fair
Housing Act, it is LEAST relevant to review ____________.
Encourage banks to help meet the credit needs of their local community.
CRA - Answer One purpose of CRA Regulations is to ____________.
update the employee manual
not develop a new policy or revise internal monitoring schedules in this area.
Compliance Management - Answer A recent regulatory change increased the amount of
FDIC insurance coverage for individual depositors. The compliance manager should
FIRST _____________.
Loans to small farms
, CRA rules - Answer Under CRA rules, banks other than small banks must report which
of the following types of loans?
Have a loan-to-deposit ratio in each state that equals or exceeds 50% of the loan-to-
deposit ratio of each host state.
Riegle-Neal - Answer National Bank is headquartered in Colorado and has branches in
Nebraska and Wyoming that it acquired two years ago. Each year the federal regulatory
agencies publish the host state loan-to-deposit ratios for each state, which are used to
determine if banks with interstate branches are in compliance with the Riegle-Neal
Interstate Banking and Branching Efficiency Act of 1994. To comply with the Act, the
National Bank must:
ID the consumer protection regulatory provisions on liability and error resolution.
Compliance Management - Answer The bank is beginning e-banking and wants to
deliver a full range of consumer electronic services. The compliance manager is a
member of the project team. Which of the following functions is MOST appropriate for
the compliance manager during the INITIAL stages of this project?
The fair market value of the prize is reportable on Form 1099 MISC
IRS regs - Answer Which of the following statements describes a bank's reporting
requirements when it awards a big-screen television, valued at $800, to a customer as a
grand-opening prize?
Perform a root cause analysis
Compliance Management - Answer An internal audit reveals APR calculation issues. In
responding, you should FIRST ____________.
Require verification of the identity of each customer.
AML? CIP - Answer During a review of your bank's customer identification procedures,
you are likely to find regulatory deficiencies if the bank does NOT ____________.
Obtain the TIN within a reasonable time after account opening.
BSA - Answer If the bank does not obtain the TIN from the deposit account holder when
the account is opened, the Bank Secrecy Act requires that the bank ____________.
Determine the number of mortgage loans your banks services together with any
affiliates as of the current date.
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