CRCM Trivia 3

Question 1

Under the Equal Credit Opportunity Act (ECOA), how many days does a creditor have to notify an applicant of adverse action on a credit application?

Accepted Answer

30 days

Answer

ECOA and Regulation B require creditors to notify applicants of adverse action within 30 days of receiving a completed application.

Question 2

The Home Mortgage Disclosure Act (HMDA) requires financial institutions to collect and report data primarily to identify what?

Accepted Answer

Possible fair lending violations and underserved communities

Answer

HMDA data is used by regulators and the public to identify potential discriminatory lending patterns and determine whether financial institutions are serving community needs.

Question 3

Which of the following is NOT a protected class under the Fair Housing Act?

Accepted Answer

Source of income

Answer

The federal Fair Housing Act protects race, color, religion, sex, national origin, disability, and familial status, but does not protect source of income at the federal level.

Question 4

What is the maximum civil money penalty per day for knowing violations of the Bank Secrecy Act?

Accepted Answer

$1,000,000

Answer

Knowing violations of the BSA can result in civil money penalties up to $1,000,000 per day or twice the amount of the transaction, whichever is greater.

Question 5

Under the Electronic Fund Transfer Act (EFTA), what is a consumer's maximum liability for unauthorized electronic transfers if they notify the bank within 2 days?

Accepted Answer

$50

Answer

Under Regulation E, if a consumer reports an unauthorized EFT within two business days, their liability is limited to $50.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM Trivia 3