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

Regulation CC generally requires that funds from local checks be available no later than the second business day after deposit.

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

APY is a standardized rate that includes the effect of compounding over a 365-day year, allowing consumers to compare savings accounts.

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

Federal law requires lenders to mandate flood insurance for improved real estate or mobile homes located in a FEMA-designated Special Flood Hazard Area.

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

Regulation E requires monthly periodic statements for accounts that had an EFT during the statement period.

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

Regulation CC allows exception holds for accounts with repeated overdrafts, among other exceptions, extending the standard availability schedule.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Deposit Compliance and Regulatory Examinations