American Bankers Association Exam CRCM Topic 7 Question 69 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 69
Topic #: 7

[All CRCM Questions]

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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Erasmo

3 days 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

9 days ago

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

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Buck

9 days 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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Corrie

14 days ago

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

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Iraida

17 days ago

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

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