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1278-CRCM: Certified Regulatory Compliance Manager
#Question
What does the term "KYC" stand for in compliance context?
A.Keep Your Customer
B.
C.Keep Your Code
D.Know Your Client
#Question
What is the primary responsibility of the Financial Industry Regulatory Authority (FINRA)?
A.Regulate investment professionals
B.Conduct audits
C.Oversee credit unions
D.Enforce banking regulations
Correct Answer:
A
The primary responsibility of FINRA is to regulate investment professionals and protect investors by ensuring fair and honest financial practices in the securities industry.
#Question
Under what circumstances may a consumer file a complaint with the Consumer Financial Protection Bureau (CFPB)?
A.Only after losing money
B.Only for mortgages
C.Only for credit cards
D.For any financial products
Correct Answer:
D
Consumers may file complaints with the CFPB regarding any financial products or services that they believe violate consumer protection laws, not limited to mortgages or credit cards.
#Question
How often should financial institutions conduct training on Anti-Money Laundering (AML) procedures?
A.Monthly
B.Biannually
C.Annually
D.Quarterly
Correct Answer:
C
Financial institutions should conduct training on Anti-Money Laundering (AML) procedures at least annually to ensure employees are updated on regulations and practices.
#Question
Which regulation requires financial institutions to provide an annual privacy notice to consumers?
A.Regulation Z
B.Fair Credit Reporting Act (FCRA)
C.Dodd-Frank Act
D.Gramm-Leach-Bliley Act (GLBA)
Correct Answer:
D
The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide an annual privacy notice to consumers explaining their information-sharing practices.
#Question
What must financial institutions do in relation to the sale of insurance products?
A.Ignore state regulations
B.Provide full disclosure
C.Limit coverage options
D.Increase premiums
Correct Answer:
B
Financial institutions must provide full disclosure regarding insurance products being offered in accordance with state regulations and consumer protection laws.
#Question
Under which regulation must lenders provide a Good Faith Estimate (GFE) before closing a mortgage?
A.RESPA
B.TILA
C.Home Mortgage Disclosure Act (HMDA)
D.ECOA
Correct Answer:
A
Under the Real Estate Settlement Procedures Act (RESPA), lenders must provide a Good Faith Estimate (GFE) of the expected closing costs before finalizing a mortgage.
1278-CRCM: Certified Regulatory Compliance Manager
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Q1: What are ABA Certification Exams? A: ABA (American Bankers Association) Certification Exams validate your expertise in various banking disciplines, including compliance, risk management, wealth management, and bank operations.
Q2: Why should I pursue ABA Certification? A: ABA Certification enhances your professional credibility, demonstrating your skills and knowledge in banking. It can lead to better job opportunities, higher salaries, and career advancement.
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