ABA CRCM Certification Exam Questions with AI Explanations

QUESTION: 69

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
Appropriate treatment of losses associated with these products
Assessment of the adequacy of its internal controls and risk mitigation activities
Before entering into a contract, the bank must obtain the customer's written affirmative election to enter into the contract and written acknowledgement of the receipt of the disclosures

Answer(s): A,B,C

The Equal Credit Opportunity Act (ECOA) was enacted in 1974 to prevent discrimination in credit transactions. In 1975 the act was amended. Which of the following prohibited base/s are now included in it?

National origin
Exercise of rights under the Consumer Credit Protection Act
Receipt of public assistance income
All of these

Answer(s): D

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QUESTION: 70

The Equal Credit Opportunity Act (ECOA) was enacted in 1974 to prevent discrimination in credit transactions. In 1975 the act was amended. Which of the following prohibited base/s are now included in it?

National origin
Exercise of rights under the Consumer Credit Protection Act
Receipt of public assistance income
All of these

Answer(s): D

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QUESTION: 70

The Equal Credit Opportunity Act (ECOA) was enacted in 1974 to prevent discrimination in credit transactions. In 1975 the act was amended. Which of the following prohibited base/s are now included in it?

National origin
Exercise of rights under the Consumer Credit Protection Act
Receipt of public assistance income
All of these

Answer(s): D

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QUESTION: 71

Securities credit covers credit subject to Section 7 of the Securities Exchange Act of 1934 or credit by a broker or dealer subject to regulation under the act. The following requirements of Regulation B do not apply EXCEPT:

Restrictions regarding information about a spouse or former spouse, marital status, or sex of the applicant
It is not payable by agreement in more than four installments
Provisions relating to furnishing credit information
Records retention requirements

Answer(s): B

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ABA CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) CRCM Dumps in PDF

Free ABA CRCM Real Questions (page: 42)

QUESTION: 69

QUESTION: 70

QUESTION: 70

QUESTION: 70

QUESTION: 71