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Vendor: American Bankers Association
Exam Code: CRCM
Exam Name: Certified Regulatory Compliance Manager CRCM
Certification: American Bankers Association Certifications
Total Questions: 463 Q&A
Updated on: Nov 16, 2024
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ACME National bank uses telephone solicitations to sell its debt cancellation contracts. The banker explains to the borrower the nature of the contract, gives an oral short form disclosure, receives the customer's affirmative election orally, and sends the written long form disclosures and written affirmative election within three business days. Is the bank in compliance with the telephone solicitation rules as they apply to affirmative elections?
A. Yes, the bank has fulfilled all of its requirements.
B. No, oral affirmative elections are not acceptable.
C. No, the bank also must give the customer 30 days to cancel the contract.
D. No, telephone solicitations are not allowed for debt cancellation contracts.
A bank representative is selling insurance products in, or on behalf of, the bank. What may the representative NOT require the customer to do?
A. Pre-pay a portion of the initial premium
B. Complete an application for the insurance on the premises
C. Obtain a medical examination for life insurance coverage
D. Purchase the insurance from an affiliate of the institution
First National Bank has several exempt customers.
Alpha is an exempt person because its stock is listed on a major stock exchange. Beta is an exempt person because it meets the nonlisted customer requirements. Zeta is exempt because it is a payroll customer.
For which customer(s) must the bank conduct an annual review to determine its continuing eligibility to be exempt from CTR filings?
A. Alpha
B. Beta
C. Zeta
D. Beta and Zeta
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