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American Bankers Association CRCM Exam - Topic 9 Question 58 Discussion

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?
D) Determine whether the branches use a separate document for required credit insurance sales disclosure.
A) Determine which customers were affected and take corrective action.
B) Contact the bank's primary regulator to determine the best course of action.
C) Instruct the branch to destroy all obsolete forms and immediately begin using the current versions.

American Bankers Association CRCM Exam - Topic 9 Question 58 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 58
Topic #: 9
[All CRCM 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?

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Suggested Answer: D

by Rozella at Sep 19, 2022, 04:52 AM

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Laila
8 months ago
Destroying forms without knowing the impact seems risky.
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Oren
8 months ago
Wait, are they really still using old forms? That's surprising!
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Vannessa
9 months ago
I think contacting the regulator should be the priority.
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Audry
9 months ago
Definitely need to check if customers were affected first!
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Ming
9 months ago
Obsolete forms can lead to serious compliance issues.
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Adelaide
9 months ago
I guess determining which customers were affected could be important too, but it seems like we need to address the forms issue first.
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Dorethea
9 months ago
I feel like the priority should be to destroy those old forms right away. We can't have outdated information floating around!
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Jeannetta
9 months ago
I'm not entirely sure, but I remember something about notifying regulators first in similar practice questions. Maybe we should contact them?
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Layla
9 months ago
I think we should first figure out if the branches have a separate document for the credit insurance disclosures. That seems like a logical starting point.
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Daren
9 months ago
Okay, let's think this through. We want to avoid adding memory to the development VMs, so we need to either modify the alert or assign the correct category to the VMs. Assigning the right category seems like the more sustainable solution.
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Jolene
9 months ago
This is a good one. I know mobile email management is crucial for remote work, so the benefits are likely around things like device management, security controls, and configuration. I'll make sure to select the options that align with those areas.
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Joesph
9 months ago
I think the key here is to make sure the public cloud account is assigned to the right account group. Once that's done, selecting "select all policies" in the alert rule should cover all the existing policies. Option A looks good to me.
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Madalyn
9 months ago
I don't really recall everything, but I think "CREATE ENTITY" doesn't sound right. It seems like a different concept to me.
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Lajuana
10 months ago
Based on the definitions we studied, I lean towards saying that the GearTech plan is a carve-out, but I'm not completely confident in that answer.
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