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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 39 )

Updated On: 11-Jan-2026
Page 39 of 276
PDF with 463 Questions

ACME national bank plans to acquire Smith Brothers insurance agency and make it an operating subsidiary of the bank. ACME is considered a well managed and adequately capitalized bank. What regulatory-related action must ACME take to obtain the agency?

  1. Complete the sale of the agency and notify the OCC within 10 days
  2. Complete the sale of the agency and notify the OCC within 30 days
  3. No regulatory notice is required
  4. Notify the OCC before completing the sale

Answer(s): D



For which of the following business activities must a bank holding company obtain prior approval of the Federal Reserve Board?

  1. Operating an auto club service
  2. Serving as a safe deposit company
  3. Operating as a management consulting firm for financial institutions
  4. Selling installment loan data processing

Answer(s): A



Which of the following is NOT a corporate practice required of bank holding companies?

  1. Each bank subsidiary must file a notice with the Federal Reserve before offering a new product.
  2. Each bank subsidiary must conduct its operations in a safe and sound manner.
  3. Each bank subsidiary must be insured by the FDI
  4. Each bank subsidiary must file a notice with the Federal Reserve before purchasing any of its own securities.

Answer(s): A



Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?

  1. The financial strength of the applicant
  2. The management strength of the applicant
  3. The current nonbanking activities of the applicant
  4. The effect of the transaction on competition

Answer(s): C



Which of the following sources is the least desirable to use when monitoring a correspondent bank's capital?

  1. A national rating agency's report on the correspondent bank
  2. The correspondent bank's own call report
  3. The correspondent bank's annual report to shareholders
  4. A national newspaper's story on the correspondent bank's financial condition

Answer(s): D



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