American Bankers Association CRCM Quiz 3 Topic 5 Questions 11-15

Question: 1

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

ABe clear and conspicuous

BState that a privacy notice is available on request

CExplain a reasonable means by which the consumer may obtain that notice Reasonable

DMay be disclosed to the affiliates

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Question: 2

Electronic funds transfers' requirements say that transfers that vary in amount must be communicated to the designated payee within _______________before the scheduled transfer or may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts.

A10 days

B20 days

C30 days

D15 days

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Question: 3

For HMDA purposes, the term ''dwelling'' does NOT include which of the following?

ATimeshares

BSingle family dwellings

CIndividual condominiums

DMobile homes not attached to real property

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Question: 4

Under Regulation M, what is a ''consumer lease''?

AAny lease of $25,000

BA consumer lease for $25,000 or less with an option to own the property after the lease expires

CA consumer lease for $25,000 or less for the use of personal property

DAny consumer or agricultural lease for $25,000 or less

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Question: 5

Which of the following must a ''large'' bank maintain as part of its CRA program?

AListing of director, officer, and employee community involvement, and a listing of loans made to low- and moderate-income individuals

BDescription of its assessment area, written comments and responses, and the public portion of the regulator's most recent CRA performance evaluation

CCopy of the bank's CRA Notice and the bank's most recent five years of CRA disclosure statements

DA comprehensive record of all CRA-related training completed by employees during the past two years 696 AMERICAN BANKERS ASSOCIATION

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American Bankers Association CRCM Quiz:3 Topic:5 Questions:11-15