ABA CRCM Certification Exam Questions with AI Explanations

QUESTION: 83

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
The information is voluntarily disclosed to the government
The public or is used in any manner as a defense to a discrimination charge
credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C

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QUESTION: 83

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
The information is voluntarily disclosed to the government
The public or is used in any manner as a defense to a discrimination charge
credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C

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QUESTION: 83

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
The information is voluntarily disclosed to the government
The public or is used in any manner as a defense to a discrimination charge
credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C

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QUESTION: 84

Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:

The text of any prescreened solicitation
All other written information concerning the applicant
The list of criteria used to select recipients
Any record of complaints regarding the solicitation

Answer(s): B

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QUESTION: 84

Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:

The text of any prescreened solicitation
All other written information concerning the applicant
The list of criteria used to select recipients
Any record of complaints regarding the solicitation

Answer(s): B

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

Free ABA CRCM Real Questions (page: 50)

QUESTION: 83

QUESTION: 83

QUESTION: 83

QUESTION: 84

QUESTION: 84