CRCM

CRCM practice questions, page 17 of 19, with answer review and explanations.

Question 81

FDIC guidance lists three requirements to ensure compliance with spousal signature rules include all of the following EXCEPT:

  1. Review and revise policies Eliminate policies or procedures that are inconsistent with the requirements Expand loan policies and procedures to provide loan staff with specific guidance on state law(s) regarding requiring signatures Cover the laws of all states where the creditor institution does business Create checklists to address situations when spousal signatures can be required
  2. Provide training to consumer and commercial loan staff
  3. Implement monitoring and auditing programs to check for spousal signature violations
  4. Must allow an applicant to designate a birth-given first name and a birth-given, surname, spouse's surname, or combination

Question 82

Content of notification to credit consumers must contain:

  1. Statement of the action taken
  2. Name and address of creditor
  3. Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 30 days of a request. The request for specific reasons must be made within 60 days of the receipt of the adverse action notice.
  4. Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 15 days of a request. The request for specific reasons must be made within 30 days of the receipt of the adverse action notice.

Question 83

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

  1. Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
  2. The information is voluntarily disclosed to the government
  3. The public or is used in any manner as a defense to a discrimination charge
  4. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Question 84

Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:

  1. The text of any prescreened solicitation
  2. All other written information concerning the applicant
  3. The list of criteria used to select recipients
  4. Any record of complaints regarding the solicitation

Question 85

According to FDIC Guidance on Spousal Signature Provisions, if the creditor requires the spouse's signature on an instrument that imposes personal liability, the creditor's belief should be:

  1. Supported by a thorough review of pertinent statutes, decisional law, or an opinion of the state's attorney general
  2. Supported by a thorough review of pertinent statutes
  3. Supported by decisional law
  4. Supported by an opinion of the state's attorney general