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CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 164–166 (page: 100)

Updated On: 9-Feb-2026

Reserve Banks must issue operating circulars, which, together with Regulation J, govern the details of handling items through the Reserve Bank, including

  1. Handling of government items and foreign instruments
  2. Handling of foreign instruments
  3. Handling of government items
  4. Handling of clearing instruments

Answer(s): A



One of the check collection requirements is sending items to Reserve Banks. In this requirement:

  1. A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
  2. The following parties are deemed to have handled items, in this order:
    · The initial sender
    · The initial sender's administrative Reserve Bank · The Reserve Bank that receives the item from the initial sender · Any other Reserve Bank that receives the item from a Reserve Bank
  3. Reserve Banks must receive cash items and other items (checks) at par
  4. A foreign bank that maintains reserves under the International Banking Act of 1978

Answer(s): A,B,C



One of the check collection requirements is sending items to Reserve Banks. In this requirement:

  1. A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
  2. The following parties are deemed to have handled items, in this order:
    · The initial sender
    · The initial sender's administrative Reserve Bank · The Reserve Bank that receives the item from the initial sender · Any other Reserve Bank that receives the item from a Reserve Bank
  3. Reserve Banks must receive cash items and other items (checks) at par
  4. A foreign bank that maintains reserves under the International Banking Act of 1978

Answer(s): A,B,C



One of the check collection requirements is sending items to Reserve Banks. In this requirement:

  1. A sender other than a Reserve Bank may send any item to the Reserve Bank with which it maintains an account
  2. The following parties are deemed to have handled items, in this order:
    · The initial sender
    · The initial sender's administrative Reserve Bank · The Reserve Bank that receives the item from the initial sender · Any other Reserve Bank that receives the item from a Reserve Bank
  3. Reserve Banks must receive cash items and other items (checks) at par
  4. A foreign bank that maintains reserves under the International Banking Act of 1978

Answer(s): A,B,C



Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:

  1. A foreign bank
  2. A foreign banker's Lessee
  3. A foreign state
  4. A foreign correspondent or agency

Answer(s): B



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