Exam 1: Certified Regulatory Compliance Manager

When conducting a records search pursuant to a FinCEN request, what must a bank search?

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

How may a bank limit the definition of executive officer?

With regard to standards for wear and use of leased property, which of the following statements is true?

They also embrace the concept of risk-based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial services, simple or complex products lines, and adjusted as appropriate for the customer base as that issued for the Bank Secrecy Act, also establishes their expectations that a bank's program be risk based. Who are they?

Regulation O both restricts lending to insiders and requires that certain loans to insiders be disclosed. Each banking agency has adopted the provisions of Regulation O for administrative enforcement purposes. These were not found to be useful in preventing insider lending abuse. Regulation O governs which of the following areas major areas:

Roger Jameson is the head of the consumer loan department at First National Bank. He is a regular participant in a lending committee of a local finance trade association. The committee meets once a month at a local hotel. After the committee meetings, Roger and several other committee members who are officers at other banks in town go to a hotel restaurant and talk for a couple of hours before leaving. During these informal conversations Roger learned that the other members require the car dealerships in town that sell consumer installment contracts to the banks to refrain from selling them to local savings and loan associations. Roger believes that this is a good idea and would like to implement it at First National. Is there a problem with doing so?

When must disclosures on consumer leasing transactions subject to Regulation M be made?

According to federal regulations, what must a security officer do when establishing a bank security program?

Under what circumstances will a G-FINW (a withdrawal as a government securities dealer) become effective in less than 60 days?

Which of the following usually comes under the heading of abusive lending?

State National Bank has a Web site on which it advertises all of its products. One page of the Web site is devoted to the products of its affiliate, State National Investment Products, Inc. The affiliate sells uninsured mutual funds and various other investments not insured by the FDIC. What are State National's responsibilities for this advertising?

In Guidance on Nontraditional Mortgage Product Risks, if the institution has a concentration in a nontraditional mortgage portfolio, the institution should:

In Receiver's agreement-12 CFR 210.28 it is clearly mentioned that:

Consumers are not considered to be the customers if they do not have continuing relationship with the financial institution. A relationship is considered NOT to be a continuing relationship if:

ABC National Bank regularly purchases mortgage loans from ACME Mortgage Company, a local mortgage broker. ACME places a mandatory arbitration clause in each of its mortgage documents. ACME believes this clause is necessary because of state laws governing arbitration. Is this clause a problem for ABC National?

Which of the following advertising activities indicate that a bank would NOT be exempt from SEC registration requirements?

A Reserve Bank makes the following warranties when it handles ___________: • For all items, the Reserve Bank warrants that the returned checks bear all endorsements by all parties that previously handled the checks • For all electronic items, the Reserve Bank warrants all of the • Regulation CC warranties as though they were paper checks • For electronic items that are not representations of substitute checks, the Reserve Bank warrants the following to the bank to which it sends the item: (a) The electronic portion of the item accurately represents all of the information on the front and back of the check as of the time the check was truncated (b) All MICR line information is contained on the item (c) The item conforms to the technical standards set forth in the operating circular (d) No person will receive a transfer, presentment, or return, or otherwise be charged for the item such that the person will be asked to make payment based on an item he or she has already paid

Safe National Bank has a variety of consumer lending products. Among them are debt cancellation contracts that allow for the cancellation of a consumer's debt if certain events happen. The bank solicits sales for these contracts when the consumer makes an in-person loan application. What does Safe National have to do at the time of the application and solicitation?

Practice/s addressed in the guidance of OCC advisory on credit card practices-AL-2004- 10 is/are: