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American Bankers Association CRCM Exam - Topic 6 Question 46 Discussion

A bank that is a government securities broker accepts money from a customer for the purchase of securities on Monday and does not purchase the securities by the end of the day on Tuesday. Does the bank have any responsibilities under the Government Securities Act?
C) Yes. The bank must deposit the money in an account of the customer at the close of business on Tuesday.
A) No. The bank has fulfilled its responsibilities under the Act.
B) Yes. The bank must purchase the securities before the close of business on Wednesday.
D) No. The bank has until the close of business on Wednesday to purchase the securities before being liable to the customer for failure to effect a purchase.

American Bankers Association CRCM Exam - Topic 6 Question 46 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 46
Topic #: 6
[All CRCM Questions]

A bank that is a government securities broker accepts money from a customer for the purchase of securities on Monday and does not purchase the securities by the end of the day on Tuesday. Does the bank have any responsibilities under the Government Securities Act?

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Suggested Answer: C

by Linn at May 07, 2022, 10:00 AM

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Dyan
8 months ago
I thought they had to deposit the money by Tuesday, but I guess not!
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Lashandra
9 months ago
Actually, they should have acted by Tuesday.
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Miss
9 months ago
Wait, are they really off the hook until Wednesday?
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Theron
9 months ago
Totally agree, D is the right answer!
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Frederica
9 months ago
The bank has until Wednesday to make the purchase.
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Walton
9 months ago
Okay, I've got this. The sensors need to be embedded in the network to provide full visibility of all network devices and communications. That's the whole point - to see everything that's happening on the network.
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Daniel
9 months ago
Okay, let me think this through. We have a fixed-size sample, so the binomial or hypergeometric distributions could work. But since the question specifically mentions "attribute sampling plan," I'm leaning towards the binomial distribution as the best fit.
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Kimbery
9 months ago
Hmm, I'm a bit unsure about this one. I'll need to carefully read through the options and think about the relative importance of each finding.
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Ben
10 months ago
I think I recall similar questions about prioritizing threat responses. Excluding 'Check for GeoIP location' might backfire since it helps in assessing risk.
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Goldie
10 months ago
This question seems straightforward - the key is to identify the conditions under which the DOJ and FTC will use the rule of reason to analyze joint pricing activities in provider networks.
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