CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam - CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

Question 1

A consumer is tricked by a scammer into sharing online banking credentials, and the scammer then initiates an electronic fund transfer from the consumer's account. Under Regulation E, how is the transfer generally treated?

As an unauthorized EFT if the scammer lacked actual authority and the consumer received no benefit As an authorized EFT because the consumer voluntarily shared credentials As a transaction outside Regulation E because it involved online banking credentials As a wire transfer governed only by Regulation Z

Correct Answer:

As an unauthorized EFT if the scammer lacked actual authority and the consumer received no benefit

Question 2

If a bank cannot complete a Regulation E error investigation within 10 business days in the ordinary case, what allows it to extend the investigation period to as much as 45 days?

Obtaining a police report from the consumer Closing the account until the dispute is resolved Provisionally crediting the account and meeting the related notice and access requirements Receiving a merchant affidavit within 30 days

Correct Answer:

Provisionally crediting the account and meeting the related notice and access requirements

Question 3

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

Question 4

Before a bank may assess a fee for paying an ATM or one-time debit card overdraft, what must generally occur under Regulation E?

The consumer must receive a post-transaction notice within 24 hours The consumer must first overdraw the account at least twice The bank must treat the service as a line of credit under Regulation Z The consumer must affirmatively opt in to the overdraft service for those transactions

Correct Answer:

The consumer must affirmatively opt in to the overdraft service for those transactions

Question 5

A bank advertises an account as "free checking" but imposes a monthly maintenance fee if the consumer fails to maintain a minimum balance. Under Regulation DD, what is the compliance issue?

There is no issue because the fee is avoidable The advertisement is misleading because an account with a possible maintenance or activity fee cannot be described as free The bank may use the word free only if it also discloses the APY The phrase is permissible only for commercial deposit accounts

Correct Answer:

The advertisement is misleading because an account with a possible maintenance or activity fee cannot be described as free

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About this Exam

Prepare with the CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam practice quiz. This question bank includes 100 questions covering regulation, consumer, bank, account, and compliance. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

This practice set contains 100 questions from the matching question bank and focuses on regulation, consumer, bank, account, and compliance. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CRCM Practice Questions - CRCM Certified Regulatory Compliance Manager Exam

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