CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

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An account may be accessed only by preauthorized direct deposits, although the consumer can still write checks. Under Regulation E, what periodic statement approach is generally permitted?

No periodic statements are required at all Statements are required only once per year Statements are required at least quarterly unless other EFT access triggers more frequent statements Monthly statements are always required even when the account receives only preauthorized credits

Correct Answer:

Statements are required at least quarterly unless other EFT access triggers more frequent statements

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