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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 53 )

Updated On: 11-Jan-2026
Page 53 of 276
PDF with 463 Questions

Which of the following is NOT included in the definition of margin stock?

  1. Stock traded on a national securities exchange
  2. Nonmargin stock convertible to margin stock
  3. Debt securities convertible to margin stock
  4. Warrants to purchase margin stock

Answer(s): B



Which of the following interest-bearing accounts is EXEMPT from Form 1099 annual information reporting requirements under IRS regulations?

  1. Time certificates of deposit
  2. Money market deposit accounts
  3. Individual retirement accounts
  4. Negotiable order of withdrawal accounts

Answer(s): C



A bank has given a customer a merchandise gift with a fair market value of $25.00 for opening a deposit account. Which of the following statements describes the proper reporting status of this gift?

  1. If the cost of the gift is under $20.00, it is not reportable to the IRS.
  2. The cost of the gift is credited to the customer's account as a bonus, increasing the account balance.
  3. The fair market value of the gift is reported to the customer on the periodic statement.
  4. The fair market value of the gift is added to the interest paid and reported on Form 1099-INT.

Answer(s): D



Which of the following entities is exempt from the requirements of the Government Securities Act?

  1. A bank that operates a securities underwriting department to provide underwriting services to issuers of government securities
  2. A national bank that purchases and sells government securities only in its fiduciary capacity on behalf of clients in its trust department
  3. A bank that operates a financial advisory service that provides advice to clients on the purchase and sale of government securities
  4. A bank that operates an investment department to provide investment advice and purchase and sell all types of securities (including government securities) for clients

Answer(s): B



A recent compliance review revealed that several branch officers are using obsolete loan application forms, which do not include disclosures related to credit insurance sales. Which of the following steps should be taken FIRST?

  1. Determine which customers were affected and take corrective action.
  2. Contact the bank's primary regulator to determine the best course of action.
  3. Instruct the branch to destroy all obsolete forms and immediately begin using the current versions.
  4. Determine whether the branches use a separate document for required credit insurance sales disclosure.

Answer(s): D



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