ABA CRCM Certification Exam Questions with AI Explanations

QUESTION: 79

Federal regulations define special-purpose credit-12 CFR 202.8 to include:

Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons
Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person
A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility
If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

Answer(s): A,B,C

These are the definitions of _: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type.A refusal to increase the amount of credit available to an applicant who has made an application for an increase

Adverse action-12 CFR 202.2(c)
Special-purpose credit-12 CFR 202.8
Refusals- 12 CFR 202.8
security agreements-12 CFR 202.2(c)

Answer(s): A

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QUESTION: 80

These are the definitions of _: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type.A refusal to increase the amount of credit available to an applicant who has made an application for an increase

Adverse action-12 CFR 202.2(c)
Special-purpose credit-12 CFR 202.8
Refusals- 12 CFR 202.8
security agreements-12 CFR 202.2(c)

Answer(s): A

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QUESTION: 80

These are the definitions of _: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type.A refusal to increase the amount of credit available to an applicant who has made an application for an increase

Adverse action-12 CFR 202.2(c)
Special-purpose credit-12 CFR 202.8
Refusals- 12 CFR 202.8
security agreements-12 CFR 202.2(c)

Answer(s): A

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QUESTION: 81

FDIC guidance lists three requirements to ensure compliance with spousal signature rules include all of the following EXCEPT:

Review and revise policies
Eliminate policies or procedures that are inconsistent with the requirements Expand loan policies and procedures to provide loan staff with specific guidance on state law(s) regarding requiring signatures
Cover the laws of all states where the creditor institution does business Create checklists to address situations when spousal signatures can be required
Provide training to consumer and commercial loan staff
Implement monitoring and auditing programs to check for spousal signature violations
Must allow an applicant to designate a birth-given first name and a birth-given, surname, spouse's surname, or combination

Answer(s): D

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

Free ABA CRCM Real Questions (page: 48)

QUESTION: 79

QUESTION: 80

QUESTION: 80

QUESTION: 80

QUESTION: 81