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It is an extension of credit will be deemed to be made to an insider if the proceeds are transferred to the insider or used for the insider's benefit. This rule does not apply if the credit is made on substantially the same terms and conditions as those made to a non- insider and if the proceeds are used in a bona fide transaction involving the acquisition of property, goods, or services from the insider. What is it?

• A.Tangible economic benefit rule012 CFR 215.3(f)
• B.Extension of credit-12 CFR 215.3
• C.Intangible economic-benefit rule
• D.Lending restrictions

Requirements-12 CFR 202.2, 202.4, 202.5, 202.6, and 202.13 say that a creditor may not request information about an application's race, color, religion, national origin, or gender except as specifically permitted by _or another statute such as the Home Mortgage Disclosure Act.

• A.Regulation U
• B.Regulation A
• C.Regulation Z
• D.Regulation B

Trust Co. and First National Bank are located in the same city and each has assets of over $20 million. The president of First National has been asked to serve as a director of Trust Co. First National has no trust department and no trust operations. Trust Co. operates solely as a trust company. Would this relationship violate the prohibitions against management official interlocks in Regulation L?

• A.No, because the institutions are not both depository institutions.
• B.Maybe, but it depends on the size of the institutions.
• C.No, because the institutions do not compete.
• D.Yes, because the institutions are in the same city.

Which of the following is required to be reported on ABC Bank's HMDA LAR?

• A.An application from Mr. Welch for a preapproval of a home purchase loan application that is approved by ABC in writing but not accepted by Mr. Welch
• B.An application from Ms. Ensley for a preapproval of a temporary construction loan that is denied by ABC
• C.An application from Mr. and Mrs. Rawlings for a preapproval of a home purchase loan application that is denied by ABC
• D.An application from Ms. Connor for a home equity loan to be used to consolidate credit cards

An individual comes into the bank and makes a $6,000 cash deposit into a checking
account. At the same time, the individual buys a $7,000 cashier's check with cash.
According to the Bank Secrecy Act, what is the bank is required to do?

• A.Obtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000
• B.File a CTR for the $6,000 cash deposit
• C.Aggregate the transactions and retain information about the purchase of the cashier's check
• D.File a SAR for $13,000