American Bankers Association CRCM Exam - Topic 7 Question 69 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 69
Topic #: 7

A bank received a signed letter criticizing its performance in meeting the credit needs of the community, but not adversely reflecting upon any individual bank employee's reputation. What must the bank do with this letter?

AHave it reviewed and discussed by the board of directors

BFile it with the regional office of the bank's federal regulator

CRetain it in the CRA public comment file

DAnswer it within 10 business days

Show Suggested Answer

Suggested Answer: B

by Tonette at Apr 24, 2023, 04:04 PM

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Quinn

7 months ago

I thought they had to discuss it with the board first.

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Kizzy

7 months ago

They should answer it within 10 days, right?

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Ashlee

7 months ago

Wait, can they just ignore it after filing?

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Edgar

7 months ago

Agree, that makes the most sense!

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Marjory

7 months ago

I think they should definitely retain it in the CRA public comment file.

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Royal

8 months ago

I’m a bit confused; I thought the letter had to be discussed by the board, but I also remember something about retaining it for CRA purposes.

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Kami

8 months ago

I feel like the bank should definitely answer it within 10 business days, but I also wonder if there's a requirement to keep it in the public comment file.

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Jesse

8 months ago

I remember a practice question about community feedback, and I think filing it with the regional office is important, but I can't recall if that's the right step here.

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Jesusa

8 months ago

I think the bank has to retain the letter in the CRA public comment file, but I'm not completely sure if it needs to be reviewed by the board too.

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Giuseppe

8 months ago

I'm a bit confused on this one. I'll need to review the asset audit documentation to understand the different steps and when the Expected Assets list is filled in.

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Ryann

8 months ago

This seems pretty straightforward. I'm pretty confident that a factbox is the way to go here. It's designed specifically for displaying related information on a form, so that should be the best fit for the sales total data.

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Delsie

8 months ago

Okay, I think I've got it. The question is asking about the procedures and information related to achieving organizational goals, so the answer must be C. Procedural controls.

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Sharee

1 year ago

Personally, I'd go with A. Getting the board of directors to review and discuss the letter is the best way to address this issue. It's the responsible thing to do.

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Lanie

1 year ago

Retaining it in the CRA public comment file could show the community that the bank takes their feedback seriously.

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Tish

1 year ago

I think filing it with the regional office of the bank's federal regulator might also be a good idea.

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Lizbeth

1 year ago

I agree, having the board of directors review it is important for transparency.

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Felicia

1 year ago

Wait, what? Did the letter mention any individual bank employee's reputation? If not, then C is the way to go. The bank should just file it and move on.

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Lisbeth

12 months ago

C: Retain it in the CRA public comment file

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Iola

12 months ago

B: File it with the regional office of the bank's federal regulator

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Chandra

1 year ago

A: Have it reviewed and discussed by the board of directors

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Cheryll

1 year ago

I'm gonna go with B. Sending it to the regional office of the bank's federal regulator seems like the right way to handle this situation.

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Rory

11 months ago

User4: Yeah, that could be a good option too.

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Meghan

11 months ago

User3: I'm not sure, maybe we should file it with the regional office of the bank's federal regulator.

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Lisbeth

11 months ago

User2: I agree, that seems like a good idea.

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Cherry

11 months ago

User1: I think we should have it reviewed by the board of directors.

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Art

12 months ago

D) Answer it within 10 business days

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Benedict

1 year ago

C) Retain it in the CRA public comment file

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Elza

1 year ago

I think the board of directors should review and discuss it first.

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Yuki

1 year ago

B) File it with the regional office of the bank's federal regulator

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Lanie

1 year ago

A) Have it reviewed and discussed by the board of directors

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Melinda

1 year ago

I agree, sending it to the regional office is the best option.

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Erasmo

1 year ago

D, definitely. The bank needs to respond to the letter within 10 business days. That's the professional thing to do.

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Clarinda

1 year ago

I believe the bank should also retain it in the CRA public comment file for transparency.

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Buck

1 year ago

Hmm, I think the correct answer is C. Retaining the letter in the CRA public comment file seems like the logical step to take here.

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Aleta

12 months ago

Got it, so it's a combination of both options A and C then.

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Jesusita

1 year ago

Yes, they should definitely review it, but the letter should still be retained in the CRA public comment file.

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Aleisha

1 year ago

But shouldn't the board of directors also review and discuss it?

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German

1 year ago

I agree, keeping it in the CRA public comment file is important for transparency.

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Corrie

1 year ago

I agree with Iraida, the board needs to discuss it and take action.

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Iraida

1 year ago

I think the bank should have it reviewed by the board of directors.

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