IFPUG CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) - CRCM Exam Practice Test
Second State Bank offers a mortgage product that involves simultaneous second lien loans. These include a first lien for up to 90 percent of the purchase price and a second loan for the down payment, secured by a second lien on the property. The bank would like to be in full compliance with the Interagency Guidance on Nontraditional Mortgage Product Risks. Which of the following should Second State Bank incorporate into its loan program?
Correct Answer: B
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Of the following types of data, which one is NOT required to be reported for each application for an originated loan subject to Regulation C?
Correct Answer: D
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Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?
Correct Answer: A
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If the institution offers both full and reduced documentation loans and there is a pricing premium attached to the reduced documentation loan, the consumer should:
Correct Answer: B
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First National Bank receives a notice from the IRS to begin withholding 28 percent of the interest payments on the money market savings account of Myra Wilcox because of payee underreporting. What is the most proper action for First National Bank to take?
Correct Answer: A
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When all the required information is NOT provided by a person purchasing a cashier's check with $8,000 in currency, what should the bank do?
Correct Answer: C
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A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must determine
compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?
compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?
Correct Answer: D
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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
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
Correct Answer: A,C
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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
Correct Answer: D
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Compliance issues related to payday lending are all of the following EXCEPT:
Correct Answer: D
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Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?
Correct Answer: A
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For which of the following is a bank most likely to be in danger of receiving a cease and desist order?
Correct Answer: D
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When completing and filing a SAR, what is the bank NOT required to do?
Correct Answer: C
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