CRCM Certified Regulatory Compliance Manager MCQ 2

Question 1

Under the Bank Secrecy Act (BSA), what is the threshold amount that triggers a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a CTR for any currency transaction exceeding $10,000 in a single business day.

Question 2

Which federal agency is primarily responsible for enforcing the Equal Credit Opportunity Act (ECOA)?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

The CFPB has primary enforcement authority over ECOA for most financial institutions, prohibiting credit discrimination.

Question 3

A bank's compliance officer discovers that the institution's loan officers have been steering minority applicants toward higher-cost loan products. This practice is best described as:

Accepted Answer

Disparate treatment

Answer

Steering minority applicants to inferior products based on their protected class characteristic is disparate treatment—intentional discriminatory action.

Question 4

Under the Community Reinvestment Act (CRA), which examination component evaluates a bank's record of making loans in its assessment area?

Accepted Answer

Lending test

Answer

The lending test is the most heavily weighted CRA component and evaluates the number and dollar amount of loans made within the assessment area.

Question 5

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with a privacy notice:

Accepted Answer

At account opening and annually thereafter

Answer

GLBA requires an initial privacy notice at account opening and annual notices to all existing customers describing information-sharing practices.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Certified Regulatory Compliance Manager MCQ 2