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Banking CRCM Exam (page: 50)
Banking CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM)
Updated on: 15-Dec-2025

Viewing Page 50 of 276
CRCM PDF 463 Questions

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

  1. 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
  2. The information is voluntarily disclosed to the government
  3. The public or is used in any manner as a defense to a discrimination charge
  4. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C



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

  1. 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
  2. The information is voluntarily disclosed to the government
  3. The public or is used in any manner as a defense to a discrimination charge
  4. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C



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

  1. 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
  2. The information is voluntarily disclosed to the government
  3. The public or is used in any manner as a defense to a discrimination charge
  4. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Answer(s): B,C



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:

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

Answer(s): B



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:

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

Answer(s): B



Viewing Page 50 of 276



Share your comments for Banking CRCM exam with other users:

LeAnne Hair 8/24/2023 12:47:00 PM

#229 in incorrect - all the customers require an annual review
UNITED STATES