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Sample CRCM Exam Questions

The following questions are representative of the types of questions you will find on the CRCM (Certified Regulatory Compliance Manager) exam.

1.   A borrower has a right to rescind a loan agreement in all of the following  situations EXCEPT:

a.) A line of credit used for the borrower's business, secured by the borrower's primary  dwelling
b.) A revolving line of credit secured by the borrower's primary dwelling used to improve the borrower's home
c.) An increase of a line of credit from $5,000 to $10,000 secured by the borrower's primary dwelling
d.) A loan to pay off a contract for a deed secured by the borrower's primary dwelling

2.  Compliance monitoring has revealed customers who are consistently writing more than six checks per month on their money market deposit account. To comply with Regulation D, which of the following actions should you advise the business take?

a.) Advise customers to open a second money market account so they can write six  checks per month on each account.
b.) Implement a service charge to penalize customers for each withdrawal that exceeds the maximum of three per month.
c.) Notify the customers that writing more than six checks per month may result in account closure or conversion to a non-interest-bearing account.
d.) Allow customers to continue writing more than three checks per month, but prohibit pre-authorized transfers.

3.   A director of your bank has requested a $650,000 loan to purchase an office building.  Which of the following steps must the bank take to comply with Regulation O?

a.) Price the loan at prime rate.
b.) Limit the loan to $500,000 or 5% of the bank's capital and surplus, whichever is less.
c.) Obtain the approval of the board of directors before making the loan.
d.) Obtain sufficient collateral to fully secure the loan.

4.   ABC National Bank experiences an unexplained cash shortage in Teller #1's cash drawer.  The amount of the shortage is $7,000.  In order to comply with federal regulations, ABC National Bank must react to this situation by:

a.) Filing a Currency Transaction Report (CTR) with the IRS
b.) Discharging Teller #1 immediately
c.) Sending a notice of adverse action to the bank's federal regulator
d.) Filing a Suspicious Activity Report (SAR)

5.  Which of the following bases is the MOST acceptable method of delineating a bank's CRA assessment area(s)?

a.) Existing boundaries such as MSAs or counties in which the bank's office(s) is(are) located
b.) The bank's effective lending territory (i.e., where it makes a substantial portion of its loans)
c.) The zip codes that are included within a radius of the bank's office(s)
d.) The area(s) assigned by the bank's primary regulator

Answer Key

1. a
2. c
3. c
4. d
5. b​​​​​​

​Questions? Contact ABA Certifications for more information.


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