American Bankers Association Exam CRCM Topic 9 Question 58 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam

Question #: 58
Topic #: 9

[All Certified Regulatory Compliance Manager Questions]

A recent compliance review revealed that several branch officers are using obsolete loan application forms, which do not include disclosures related to credit insurance sales. Which of the following steps should be taken FIRST?

ADetermine which customers were affected and take corrective action.

BContact the bank's primary regulator to determine the best course of action.

CInstruct the branch to destroy all obsolete forms and immediately begin using the current versions.

DDetermine whether the branches use a separate document for required credit insurance sales disclosure.

Show Suggested Answer

Suggested Answer: D

by Rozella at Sep 19, 2022, 05:52 AM

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