Exam 1: Certified Regulatory Compliance Manager

______________ should include basic elements designed to understand and mitigate risk. It usually includes: Written program Compliance-related policies and procedures

During a EFT, if the institution determines that no error has occurred or that an error occurred in a manner or amount different than the alleged error, it:

The following statements make assertions about the collection and reporting of data on race, ethnicity, sex, and income. Which statement is false?

The act limited balloon payments in consumer leases and enabled consumers to compare lease terms with credit terms where appropriate. The act was implemented by Regulation M (Consumer Leasing). It requires disclosures to consumers before consummation of the lease agreement. This act is:

Under Regulation M, what is a "consumer lease"?

If a bank makes a loan that is in compliance with Regulation U, what will be the status of the loan at its consummation?

Debt Cancellation Contracts and Debt Suspension Agreements coverage includes:

First National Bank is a wholly owned subsidiary of Bank Holding Company, Inc. Which of the following companies is NOT an affiliate of First National Bank?

Payroll card accounts established directly or indirectly by an employer for the purpose of electronically transferring an employee's wages, salary, or other compensation on a recurring basis, are covered by:

A current member of the board of directors at First Savings Association (an institution with $150 million in total assets) was a director at First National Bank (an institution with total assets of $200 million) for many years. The two institutions are located in the same town. Before being elected to the board of First Savings, the director retired from the First National board. To honor his years of service with First National, the bank made him a director emeritus for life. He can attend any board meeting but cannot vote. He may speak to matters before the board and receives a director's fee. In actuality, however, the director never attends board meetings. Does this relationship violate Regulation L?

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

Martha Smith of First National Bank is attempting to close a large commercial loan to a manufacturing equipment company. In negotiating the interest rate on the loan Martha states that if the company will move some of its demand accounts to the bank, it could get a lower interest rate. Is this wrong?

What insurance disclosures are required in the lease disclosure statement?

Debt collectors acquiring location information from a third party:

It must provide in writing to consumer at least 21 days before the effective date of any change in a term or condition disclosed in the initial disclosure statement if the change results in: • Increased fees • Increased liability for the consumer • Fewer types of available EFTs • Stricter limitations on frequency or dollar amount of EFTs What is it?

When is it possible for a bank to be exempted from compliance with some of the Government Securities Act custodial regulations?

What are holders of unclaimed property required to do?

Which of the following actions subjects a lender to mortgage interest reporting requirements?

First National Bank would like to make a loan to an affiliate bank. Which of the following would NOT be acceptable as collateral for such a loan?

What is the maximum number of government securities transactions a bank may have and still remain exempt from the Government Securities Act?