Online Access Free CRCM Exam Questions

In , Congress enacted restrictions on the way financial institutions disclose information on customers to third parties. The law also requires financial institutions to provide disclosures, both at the time of establishing the customer relationship and annually thereafter.

• A.Gramm-Billey Act of 1998
• B.Gramm-Leach-Billey Act of 2001
• C.Gramm-Leach Act of 2000
• D.Gramm-Leach-Billey Act of 1999

Which of the following statements is true regarding the lessee's ability to purchase the leased property?

• A.If the lessor allows the lessee to purchase the property at the end of the lease term, the lessor may not charge more than the equivalent of 12 monthly payments for the property.
• B.If the lessor allows the lessee to purchase the property at the end of the lease term, the purchase price must be disclosed in the initial disclosure statement.
• C.The purchase price of the leased property must be mutually agreed on by the lessor and the lessee.
• D.The lessor must allow the lessee to purchase the leased property either during the lease term or at the end of the term.

Content of segregated disclosures in Consumer Leasing Act include all of the following EXCEPT:

• A.If there are multiple items of property, the property description may be separate
• B.In an open-end lease, the descriptive statement "You will owe an additional amount if the actual value of the vehicle is less than the residual value"
• C.Number, amount, and due date of payments scheduled and the total amount of periodic payments
• D.Amount due at lease signing or delivery, itemized by type and amount, including: efundable security deposit Advance monthly or other periodic payment Capitalized cost reduction An itemization of how the amount due will be paid, by type and amount (only required in a motor vehicle lease), using the model form

How long after discovery does a bank have to report any lost or missing securities when criminal activity is suspected?

• A.Never. Law enforcement must report
• B.10 business days
• C.1 business day
• D.90 calendar days

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention
and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits. Which statement best describes Ms. Whitmire's responsibility?

• A.Complete a CTR for each of the cash activities at the branch office
• B.Report the account activity to senior management for further review
• C.Make no report of the activities because the transactions were not discovered until after the 15-day reporting deadline
• D.Report the account activity as suspicious account activity and recommend that a SAR be filed