FREE Certified Regulatory Compliance Manager (IFPUG) Questions and Answers

Question 1

What deadline has the federal agency that oversees financial institutions set for the submission of their loan application registers?

Accepted Answer

March 1 of the year following the calendar year for which the data were compiled

Answer

March 31 of the year following the calendar year for which the data were compiled

Answer

February 1 of the year following the calendar year for which the data were compiled

Answer

April 1 of the year following the calendar year for which the data were compiled

Question 2

Which of the following will boost a cash transaction-based anti-money laundering program the MOST?

Accepted Answer

Monitor cash transactions of less than $10,000 for suspicious patterns

Answer

Complete SAR worksheets on all cash transactions of $5,000 or more

Answer

Complete CTR worksheets on all cash transactions of $5,000 or more

Answer

Review all deposits of $25,000 or more

Question 3

The Main Street branch manager calls and shares the following details: On Tuesday at ten o'clock, Steve bought a cashier's check for one thousand dollars. When Mr. Steve returned at 11:30 a.m., he bought a cashier's check for $2,500 in cash and deposited the traveler's checks into his bank account. Mr. Steve returned at 4:00, putting $8,000 in cash into his bank account. Since this deposit was made after regular banking hours, Wednesday's business date was used to record it. What steps ought the bank to take?

Accepted Answer

Record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

Answer

None, because no single cash transaction exceeded $10,000

Answer

Record the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

Answer

File a Currency Transaction Report (CTR) for $11,500

Question 4

According to federal rules, special-purpose credit is defined as follows:

Accepted Answer

A special-purpose credit program may require members to share a particular attribute (such as race or sex), provided the condition was not made to circumvent the ECOA's standards. Special-purpose credit programs may not discriminate on any forbidden grounds. The bank may gather data on that attribute if the participants must provide it to assess eligibility.

Answer

If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

Question 5

For creating a deposit account, a bank gave a customer a gift with a fair market value of $25. Which of the following best sums up the gift's legal reporting status?

Accepted Answer

The fair market value of the gift is added to the interest paid and reported on Form 1099-INT.

Answer

If the cost of the gift is under $20.00, it is not reportable to the IRS.

Answer

The fair market value of the gift is reported to the customer on the periodic statement.

Answer

The cost of the gift is credited to the customer's account as a bonus, increasing the account balance.

Question 6

Which of the following loans is a loan for which First Savings Bank is exempt from submitting a 1098-E (Student Loan Interest) report?

Accepted Answer

A $12,000 loan to Paul and Rhonda Pena and their daughter Jennifer, used to pay her college tuition as well as the tuition at the private high school her sister, Jeanne, attends

Answer

A $35,000 line of credit made to Don and Barbara Cocelli, secured by their home, for the payment of certified school expenses for their twin daughters at an accredited private school

Answer

A $10,000 tuition loan made to Bobby Wilcox, a student at the state university, guaranteed by the Department of Education

Answer

A $15,000 loan to Linda Chu to be used for the purpose of paying tuition and fees and purchasing college books, lab equipment, and a computer for use in her education at the local community college

Question 7

Which of the following categories of workers needs to get instruction on how to utilize W-9 forms precisely?

Accepted Answer

New account officers

Answer

Senior Management

Answer

Security officers

Answer

Auditors and accountants