CRCM Certified Regulatory Compliance Manager MCQ 4

Question 1

Under the Fair Debt Collection Practices Act (FDCPA), a debt collector may NOT contact a consumer:

Accepted Answer

Before 8 AM or after 9 PM local time

Answer

The FDCPA prohibits debt collectors from contacting consumers before 8 AM or after 9 PM in the consumer's local time zone.

Question 2

Which of the following best describes 'structured transactions' or 'structuring' under BSA/AML regulations?

Accepted Answer

Breaking up large cash transactions specifically to evade CTR reporting requirements

Answer

Structuring involves deliberately breaking up currency transactions into amounts below $10,000 to avoid triggering CTR filing requirements, which is itself a federal crime.

Question 3

Regulation E primarily governs:

Accepted Answer

Electronic fund transfers

Answer

Regulation E implements the Electronic Fund Transfer Act and establishes the rights and liabilities of consumers and financial institutions for EFTs.

Question 4

A bank's BSA/AML compliance program must include which four pillars as required by federal regulation?

Accepted Answer

Internal controls, independent testing, designated BSA officer, and customer due diligence

Answer

The four required BSA/AML program pillars are internal controls, independent testing (audit), a designated BSA compliance officer, and training.

Question 5

Under the Truth in Lending Act (TILA) and Regulation Z, the right of rescission applies to which type of transaction?

Accepted Answer

Non-purchase refinance secured by the consumer's primary dwelling

Answer

The three-day right of rescission applies to non-purchase credit transactions secured by the consumer's principal dwelling, such as refinances and HELOCs.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Certified Regulatory Compliance Manager MCQ 4