Free Online American Bankers Association CRCM Practice Test

Prepare Your American Bankers Association CRCM Exam Questions with Free online CRCM Practice Test. Get Brilliant Certified Regulatory Compliance Manager Exam Results with Valid CRCM Exam Dumps.

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Total 465 Questions | Updated On: May 16, 2024

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Question 1

Of the following practices, which one is NOT accepted in insurance and annuity sales?

A : Reviewing insurance company ratings

B : Monitoring customer complaints against insurance companies

C : Verifying that personnel are properly licensed

D : Churning accounts

Answer: D

Question 2

_____________requires that a statement of purpose be obtained from borrowers whose loans are to be greater than $100,000 and that will be secured by margin stock. Loans made for the purpose of purchasing margin stock are subject to additional limitations

A : Regulation U

B : Regulation V

C : . Regulation Z

D : Regulation X

Answer: A

Question 3

Which of the following interest-bearing accounts is EXEMPT from Form 1099 annual information reporting requirements under IRS regulations?

A : Time certificates of deposit

B : Money market deposit accounts

C : Individual retirement accounts

D : Negotiable order of withdrawal accounts

Answer: C

Question 4

The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

A : The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner

B : The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner

C : The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner

D : None of these

Answer: C

Question 5

Transfers involving entries to accounts maintained at two different Reserve Banks are:

A : Fedwire transfers

B : Interdistrict transfers

C : Intradistrict transfers

D : Any one of these

Answer: B

Page: 1 / 93

Total 465 Questions | Updated On: May 16, 2024

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