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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 25 )

Updated On: 11-Jan-2026
Page 25 of 276
PDF with 463 Questions

is defined as every aspect of an applicant's dealing with a creditor, beginning with information gathering and continuing through to the servicing and collection of the loan.

  1. Credit terms
  2. Credit rating
  3. Credit transaction
  4. Credit application

Answer(s): C



What insurance disclosures are required in the lease disclosure statement?

  1. The types and amounts of coverage provided by the lessor and the cost to the lessee
  2. The types, amounts, and estimated costs of recommended coverage even if not provided or paid by the lessor
  3. The cost to the lessee NOTES
  4. No insurance disclosures are required

Answer(s): A



When must disclosures on consumer leasing transactions subject to Regulation M be made?

  1. At the time of the application
  2. Before the consummation of the lease
  3. Before the first payment due under the lease
  4. Within 10 days after consummation of the lease

Answer(s): B



Milton Edwards leased an automobile from First National Bank. The lease contained a provision whereby Milton would be liable for the automobile at the end of the lease based on its fair market value. At the end of the lease, the bank notified Milton that the value of the automobile, based on industry publications, was $10,500 and required him to pay that amount to obtain ownership of the property. Milton objected and requested that the car be individually appraised.What must the bank do?

  1. Nothing; an estimate of the value based on industry standards is sufficient
  2. Hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  3. Allow Milton to hire an independent appraiser to appraise the automobile (both parties agree to be bound by the appraisal)
  4. Use the average of the car value as determined by a third party appraiser Milton hires with the original bank appraisal

Answer(s): C



Under Regulation M, what is a "consumer lease"?

  1. Any lease of $25,000
  2. A consumer lease for $25,000 or less with an option to own the property after the lease expires
  3. A consumer lease for $25,000 or less for the use of personal property
  4. Any consumer or agricultural lease for $25,000 or less

Answer(s): C



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