American Bankers Association CRCM Quiz 3 Topic 5 Questions 11-15

Question: 1

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

ABe clear and conspicuous

BState that a privacy notice is available on request

CExplain a reasonable means by which the consumer may obtain that notice Reasonable

DMay be disclosed to the affiliates

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Question: 2

Electronic funds transfers' requirements say that transfers that vary in amount must be communicated to the designated payee within _______________before the scheduled transfer or may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts.

A10 days

B20 days

C30 days

D15 days

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Question: 3

For HMDA purposes, the term ''dwelling'' does NOT include which of the following?

ATimeshares

BSingle family dwellings

CIndividual condominiums

DMobile homes not attached to real property

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Question: 4

Regulation B defines ''elderly'' as having attained an age of how many years?

A55

B59

C62

D70

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Question: 5

Which of the following representations on the HMDA loan application register is a violation of Regulation C?

AThe MSA number, instead of the MSA name, is used for each loan and application

BThe ''reasons for denial'' column is blank

CRace, national origin, and gender information are not included for purchased loans

DThe gender of the applicant is designated by the letters M or F

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American Bankers Association CRCM Quiz:3 Topic:5 Questions:11-15