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American Bankers Association Exam CRCM Topic 7 Question 79 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 79
Topic #: 7
[All CRCM Questions]

For which of the following business activities must a bank holding company obtain prior approval of the Federal Reserve Board?

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Suggested Answer: B

by Gracia at Dec 27, 2023, 12:58 PM

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Fletcher
19 days ago
I bet the Fed is just waiting for a bank to try and start selling used cars. 'Sorry, not on my watch!'
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King
2 days ago
B) Serving as a safe deposit company
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Mable
3 days ago
A) Operating an auto club service
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Gussie
27 days ago
Wait, they can't just open up a car wash on the side? Talk about diversifying your portfolio!
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Cassie
1 months ago
C) Operating as a management consulting firm for financial institutions - now that's a curve ball! Definitely not something a bank would do without getting the Fed's okay.
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Thomasena
16 days ago
A) Operating an auto club service
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Goldie
1 months ago
D) Selling installment loan data processing is an interesting one. I could see that needing approval, but I'm not totally sure.
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Shawn
2 months ago
A) Operating an auto club service? That's a bit of a stretch for a bank holding company, don't you think?
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Latrice
14 days ago
C) Operating as a management consulting firm for financial institutions
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Arlean
17 days ago
I think serving as a safe deposit company would make more sense for a bank holding company.
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Lashaunda
21 days ago
B) Serving as a safe deposit company
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Geraldo
23 days ago
C) Operating as a management consulting firm for financial institutions
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Stacey
24 days ago
B) Serving as a safe deposit company
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Kris
24 days ago
I agree, operating an auto club service seems unrelated to banking.
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Evan
2 months ago
I'm not sure, but I think C) Operating as a management consulting firm for financial institutions might also require approval due to potential conflicts of interest.
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Krissy
2 months ago
I agree with Joye, because holding deposits is a core banking activity that requires regulatory approval.
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Joye
2 months ago
I think the answer is B) Serving as a safe deposit company.
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Justine
2 months ago
B) Serving as a safe deposit company seems like the most likely answer. Banks typically need approval for activities outside their core banking services.
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Hyman
17 days ago
Definitely, it's important for banks to get approval for activities outside of traditional banking.
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Tegan
21 days ago
I agree, it makes sense that the Federal Reserve Board would want to oversee that.
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Shay
24 days ago
Yeah, banks usually need approval for services like that.
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Jillian
29 days ago
I think B) Serving as a safe deposit company is correct.
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Tanesha
2 months ago
I'm not sure, but I think it's D) Selling installment loan data processing because it involves sensitive financial information.
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Deja
2 months ago
I agree with Lanie, because it involves holding customer assets.
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Lanie
2 months ago
I think it's B) Serving as a safe deposit company.
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