American Bankers Association CRCM Exam - Topic 8 Question 67 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 67
Topic #: 8

ABC Bank has an interactive Internet Web site at which it takes consumer credit applications. At the time an applicant completes an application on the Web site and submits it, the applicant also is asked for his or her email address. If the application is denied, ABC sends an adverse action notice to the applicant's email address listed on the application. Using this procedure, what is ABC Bank's responsibility?

APost the notice on its Web site also

BSend a paper notice by regular mail also

CUse a credit scoring system

DObtain the applicant's affirmative consent before sending the notice

Show Suggested Answer

Suggested Answer: B

by Viva at Mar 22, 2023, 04:45 PM

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Rhea

7 months ago

I thought they needed consent before emailing anything.

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Makeda

7 months ago

They should also send a paper notice, just to be safe.

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Socorro

7 months ago

Wait, can they just email it? What if it goes to spam?

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Nieves

7 months ago

Totally agree, that's standard practice!

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Maurine

7 months ago

They have to send the notice to the email provided.

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Delisa

8 months ago

I wonder if using a credit scoring system is relevant to this question. It seems like a separate issue from sending the notice.

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Ahmed

8 months ago

I practiced a similar question, and I remember that consent is important, but I don't think it applies here since they already have the email.

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Cortney

8 months ago

I'm not entirely sure, but I feel like they might not need to post it on their website since they already emailed it. It seems redundant?

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Antonio

8 months ago

I think ABC Bank might need to send a paper notice too, just to make sure the applicant gets it. I remember something about that in class.

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Reta

8 months ago

I wonder if using a credit scoring system is relevant to this question. It seems like a separate issue from sending the notice.

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Amira

8 months ago

I practiced a similar question, and I remember that consent is important, but I don't think it applies here since they already have the email.

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Kristofer

8 months ago

I'm not entirely sure, but I feel like they might not need to post it on their website since they already emailed it. It seems redundant?

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Lashon

8 months ago

I think ABC Bank might need to send a paper notice too, just to make sure the applicant gets it. I remember something about that in class.

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Brynn

8 months ago

Okay, let's see. The question is asking about what information is submitted with every aXAPI call after login. I'm pretty sure it's not the device serial number, programming language, or log file location, so I'll eliminate those. I think the authorization header with signature is the most likely answer.

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Alease

8 months ago

I feel like the answer has to be A, but it seems too straightforward. Did we discuss anything else that might fit those concepts?

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Stephaine

8 months ago

Okay, I think I understand the issue here. The warning message is telling us that the default scheduler for the zone is not FSS, which is required to fully utilize the CPU shares. I'll need to figure out the best way to change the scheduler.

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Rosalind

1 year ago

Ah, the joys of banking regulations. I bet the folks at ABC Bank wish they could just email the adverse notice as a GIF of a dancing cat. That would really grab the applicant's attention!

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Cristal

1 year ago

D is the way to go. Obtaining the applicant's consent is the right thing to do. Although, I bet some applicants would just click 'yes' without reading the fine print. *wink wink*

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Isadora

11 months ago

Using a credit scoring system could also help in making fair decisions when it comes to credit applications.

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Hollis

11 months ago

True, some applicants might not pay attention and just click 'yes' without realizing what they are agreeing to.

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Katheryn

11 months ago

I think B is also necessary to make sure the applicant receives the notice even if they don't check their email regularly.

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Carri

12 months ago

I agree, D is definitely important to ensure the applicant is aware of the notice being sent.

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Alyce

1 year ago

I'm going with C. Using a credit scoring system to evaluate the application is a standard practice, and it seems like the most responsible approach here.

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Alana

11 months ago

Obtaining the applicant's affirmative consent before sending the notice would also be a responsible approach to ensure compliance.

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Alpha

11 months ago

I think sending a paper notice by regular mail is also important to ensure the applicant receives the information.

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Tamesha

11 months ago

I agree, using a credit scoring system is a common practice in evaluating credit applications.

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Emmett

1 year ago

Option B seems like the safest bet. Sending a paper notice by regular mail is the traditional way to go, and it ensures the applicant receives the notice regardless of email issues.

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Emelda

12 months ago

Option B seems like the safest bet. Sending a paper notice by regular mail is the traditional way to go, and it ensures the applicant receives the notice regardless of email issues.

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Lenna

1 year ago

B) Send a paper notice by regular mail also

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Hassie

1 year ago

A) Post the notice on its Web site also

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William

1 year ago

I think the correct answer is D. ABC Bank should obtain the applicant's affirmative consent before sending the adverse action notice to the email address. Sending it without consent could be a violation of privacy.

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