QUESTION: 152

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?

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.
After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
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.
The bank must retain records for 25 months from the date of application.

Answer(s): C

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QUESTION: 152

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?

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.
After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
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.
The bank must retain records for 25 months from the date of application.

Answer(s): C

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QUESTION: 152

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?

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.
After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
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.
The bank must retain records for 25 months from the date of application.

Answer(s): C

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QUESTION: 153

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

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

Answer(s): C

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Free CRCM Exam Braindumps (page: 115)

QUESTION: 152

QUESTION: 152

QUESTION: 152

QUESTION: 153

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