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Free CRCM Exam Braindumps (page: 114)

Page 114 of 344
PDF with 463 Questions

Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

  1. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate manner
  2. The consumer credit reporting and related industries to ensure that consumer information is reported in a timely manner
  3. The consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner
  4. None of these

Answer(s): C



Page 114 of 344



Post your Comments and Discuss Banking CRCM exam with other Community members:

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
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Igor commented on April 10, 2020
Guys, leave no stones unturned. Try to study every questions and anything other supplementary material you have. The exam is not easy. I just wrote mine and if it wss not for these questions I would have not have passed it.
BULGARIA
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Lori commented on July 20, 2017
I had a good result. Worth the money.
UNITED STATES
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Chipps commented on July 20, 2017
Studying from this dump helped me understand the concept and what comes in the exam. But I only get about 80 to 85% of the questions not 100% as it is claimed. Well... still good enough to pass.
UNITED STATES
upvote