CRCM EXAM PREPARATION

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Question #1 (Topic: Demo Questions)

What is the primary purpose of the Bank Secrecy Act (BSA)?

To regulate mortgage interest rates

To prevent and detect money laundering and financial crimes

To establish bank employee salaries

To regulate consumer loan payments

Correct Answer: B

Question #2 (Topic: Demo Questions)

Which regulation implements the Equal Credit Opportunity Act (ECOA)?

Regulation Z

Regulation E

Regulation B

Regulation X

Correct Answer: C

Question #3 (Topic: Demo Questions)

What is the main purpose of the Truth in Lending Act (TILA)?

To protect consumers through disclosure of credit terms and costs

To regulate bank employee benefits

To establish deposit insurance requirements

To prevent identity theft

Correct Answer: A

Question #4 (Topic: Demo Questions)

Which federal law regulates the accuracy, fairness, and privacy of consumer credit information?

Community Reinvestment Act

Fair Credit Reporting Act

Bank Secrecy Act

Truth in Savings Act

Correct Answer: B

Question #5 (Topic: Demo Questions)

What is the primary objective of the Community Reinvestment Act (CRA)?

To regulate credit card interest rates

To prevent money laundering

To encourage banks to meet the credit needs of their communities

To establish minimum bank capital requirements

Correct Answer: C

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