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Free CRCM Exam Braindumps (page: 53)

Page 52 of 344
PDF with 463 Questions

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

  1. Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
  2. Appropriate treatment of losses associated with these products
  3. Assessment of the adequacy of its internal controls and risk mitigation activities
  4. Before entering into a contract, the bank must obtain the customer's written affirmative election to enter into the contract and written acknowledgement of the receipt of the disclosures

Answer(s): A,B,C



Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

  1. Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
  2. Appropriate treatment of losses associated with these products
  3. Assessment of the adequacy of its internal controls and risk mitigation activities
  4. Before entering into a contract, the bank must obtain the customer's written affirmative election to enter into the contract and written acknowledgement of the receipt of the disclosures

Answer(s): A,B,C



The Equal Credit Opportunity Act (ECOA) was enacted in 1974 to prevent discrimination in credit transactions. In 1975 the act was amended. Which of the following prohibited base/s are now included in it?

  1. National origin
  2. Exercise of rights under the Consumer Credit Protection Act
  3. Receipt of public assistance income
  4. All of these

Answer(s): D



The Equal Credit Opportunity Act (ECOA) was enacted in 1974 to prevent discrimination in credit transactions. In 1975 the act was amended. Which of the following prohibited base/s are now included in it?

  1. National origin
  2. Exercise of rights under the Consumer Credit Protection Act
  3. Receipt of public assistance income
  4. All of these

Answer(s): D






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