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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 41 )

Updated On: 11-Jan-2026
Page 41 of 276
PDF with 463 Questions

Walter Johnson has two accounts at First National Bank. His savings account was opened in 1975, and his money market savings account was opened in 1985.He has never supplied a TIN number to the bank. What must First National Bank do?

  1. Withhold 28 percent of the payments on each of the accounts
  2. Withhold 28 percent of the payments on each account and annually request a TIN on the savings account
  3. Annually request a TIN on both accounts
  4. Refuse to open future accounts without a TIN

Answer(s): B



Which account is NOT subject to backup withholding?

  1. A money market savings account owned by Brenda Wilson
  2. A time deposit account owned by Bob and Nancy Dawson
  3. An IRA owned by Max Jones
  4. A savings account owned by Karen Hitchings

Answer(s): C



By what date must the bank send the borrower a statement in connection with an information return on foreclosed or abandoned property?

  1. January 15 of the year following the year of the foreclosure or abandonment
  2. January 31 of the year following the year of the foreclosure or abandonment
  3. February 28 of the year following the year of the foreclosure or abandonment
  4. March 1 of the year following the year of the foreclosure or abandonment

Answer(s): B



Which of the following pieces of information is the bank NOT required to report on Form 1099 for foreclosed and abandoned property?

  1. The name, address, and TIN of the borrowers
  2. A description of the property
  3. The original loan amount
  4. Whether the borrower is personally liable for the debt

Answer(s): C



First National Bank made a loan to Lawrence & Co. for the purpose of purchasing landscape equipment, secured by a storage lot the company owneD. The borrower made payments for a year and then defaulteD. Three months passed without any communication or payments from the borrower, despite the bank's efforts to locate the company's owners. The company appears to have ceased operations. What is the bank's BEST course of action?

  1. Do nothing, because the bank has no actual knowledge of abandonment and has not foreclosed on the property
  2. Make reasonable inquiries to determine whether the property is abandoned and if so, report it as abandoned
  3. Locate the borrower, foreclose on the property, and report the transaction as a foreclosure
  4. Report the property as abandoned

Answer(s): B



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