By what date must the bank send the borrower a statement in connection with an information return
on foreclosed or abandoned property?
Options
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Correct Answer:
B
Q: 2
In a motor vehicle lease, a mathematical progression showing how the periodic payment is derived,
containing the following information:
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Correct Answer:
D
Q: 3
Banks must maintain an ____________adequate to absorb estimated credit losses from payday
loans. Banks should evaluate the collectability of accrued fees and finance charges on payday loans
and ensure that this income is appropriately measured.
Options
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Correct Answer:
C
Q: 4
To be effective, compliance risk management professionals must design a framework to ensure that
bank management understands the risks and the steps that must be taken to mitigate them. The
many roles compliance professionals fill incorporate risk management aspects including:
Options
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Correct Answer:
D
Q: 5
Which of the following primary purpose/s were behind the Electronic Fund Transfer Act (EFTA)?
Options
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Correct Answer:
C
Q: 6
For which of the following must a bank obtain Form FR U-1 when a loan is in excess of $100,000?
Options
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Correct Answer:
B
Q: 7
The purpose of guidelines for National Banks to Guard against Predatory and Abusive Lending
Practices- AL-2003-2 includes all of the following EXCEPT:
Options
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Correct Answer:
C
Q: 8
Regulation B defines “elderly” as having attained an age of how many years?
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Correct Answer:
C
Q: 9
______________ should include basic elements designed to understand and mitigate risk. It usually
includes:
Written program
Compliance-related policies and procedures
Options
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Correct Answer:
C
Q: 10
In Advertising-12 CFR 213.7, if a percentage rate is used in an advertisement, it cannot be more
prominent than any other disclosure, EXCEPT:
Options
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Correct Answer:
A
Q: 11
The sender’s liability for warranties and indemnities that a Reserve Bank makes for a substitute
check is subject to the following conditions and limitations EXCEPT:
Options
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Correct Answer:
C
Q: 12
Which one of the following should be included in an early termination notice in case of the
termination from consumer leasing agreement?
Options
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Correct Answer:
A, B, D
Q: 13
The act limited balloon payments in consumer leases and enabled consumers to compare lease
terms with credit terms where appropriate. The act was implemented by Regulation M (Consumer
Leasing). It requires disclosures to consumers before consummation of the lease agreement. This act
is:
Options
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Correct Answer:
A
Q: 14
By presentation or transmission of an item a Reserve Bank warrants to a subsequent collecting bank
and paying bank that:
Options
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Correct Answer:
D
Q: 15
Practice/s addressed in the guidance of OCC advisory on credit card practices-AL-2004- 10 is/are:
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Correct Answer:
A, B, C
Q: 16
First National Bank has made three loans to Mrs. Elmwood. Two of the loans are regulated credits
(they are for the purpose of purchasing margin stock and secured by margin stock). The third loan is
for the purpose of purchasing margin and nonmargin stock, and the loan is secured by real estate and
margin stock. Can the bank avoid having the third loan combined with the other two for Regulation U
purposes?
Options
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Correct Answer:
B
Q: 17
Banks may extend and maintain purpose credit without complying with Regulation U if the credit is
extended:
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Correct Answer:
C, D
Q: 18
The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:
Options
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Correct Answer:
C
Q: 19
For purposes of insider lending laws and regulations, what is the definition of the term executive
officer?
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Correct Answer:
B
Q: 20
The Reserve Bank may recover from the sender the attorneys’ fees if an action is brought against a
Reserve Bank on the basis of:
