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American Bankers Association Exam CRCM Topic 8 Question 67 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 67
Topic #: 8
[All CRCM Questions]

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?

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Suggested Answer: B

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

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Rosalind
16 days 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
17 days 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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Alyce
21 days 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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Emmett
26 days 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
9 days ago
B) Send a paper notice by regular mail also
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Hassie
17 days ago
A) Post the notice on its Web site also
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William
1 months 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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Matthew
2 months ago
I disagree. ABC Bank's responsibility is to obtain the applicant's affirmative consent before sending the notice.
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Kristeen
2 months ago
I agree with Maryanne. It's important to have a physical copy of the notice.
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Maryanne
2 months ago
I think ABC Bank should send a paper notice by regular mail also.
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