CRCM Deposit Compliance and Regulatory Examinations

Question 1

Regulation CC (Expedited Funds Availability Act) requires banks to make funds from local check deposits available no later than:

Accepted Answer

Second business day

Answer

Same business day

Answer

Next business day

Answer

Fifth business day

Question 2

Under Regulation DD (Truth in Savings), annual percentage yield (APY) must reflect:

Accepted Answer

The effect of compounding over a full year

Answer

The simple interest rate offered on the account

Answer

The average rate paid over the prior 12 months

Answer

The rate after deducting all account maintenance fees

Question 3

Under the National Flood Insurance Program (NFIP), lenders must require flood insurance for loans secured by properties located in:

Accepted Answer

A Special Flood Hazard Area (SFHA) as designated by FEMA

Answer

Any coastal state

Answer

Any property with a basement

Answer

Any property built before 1980

Question 4

Regulation E requires that periodic statements for accounts with electronic fund transfer capability be provided:

Accepted Answer

Monthly if there is an electronic transfer during the cycle

Answer

Quarterly

Answer

Annually for inactive accounts

Answer

Only on customer request

Question 5

Which of the following is an 'exception hold' permitted under Regulation CC?

Accepted Answer

A hold placed on a deposit because the depositor has a repeatedly overdrawn account

Answer

A hold placed on all payroll deposits regardless of amount

Answer

A hold on all deposits made after 3 p.m.

Answer

A hold on cashier's checks for first-time account holders only

Question 6

Under the USA PATRIOT Act Section 326, a Customer Identification Program (CIP) must, at minimum, collect which information for individual accounts?

Accepted Answer

Name, date of birth, address, and identification number

Answer

Credit score and employment history

Answer

Net worth and source of funds

Answer

Employment and banking history