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Banking CRCM Exam Questions
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 54 )

Updated On: 16-Mar-2026
Page 54 of 276
PDF with 463 Questions

A bank's president would like to begin offering a new home equity line of credit product within two weeks. In all cases the borrower's principal dwelling will secure the loan. The president has already launched a planned advertising campaign for the bank's major service markets. What should the compliance professional do FIRST?

  1. Hire an attorney to write the appropriate legal documents and disclosures
  2. Write a memo to the president explaining why the compliance professional should have been in on the process at an earlier date
  3. Begin training sessions for the lending and loan operations staff on the compliance issues involved
  4. Perform a risk assessment to determine the bank's level of risk in offering this new product

Answer(s): D



A bank's president would like to begin offering a new home equity line of credit product within two weeks. In all cases the borrower's principal dwelling will secure the loan. The president has already launched a planned advertising campaign for the bank's major service markets. What should the compliance professional do FIRST?

  1. Hire an attorney to write the appropriate legal documents and disclosures
  2. Write a memo to the president explaining why the compliance professional should have been in on the process at an earlier date
  3. Begin training sessions for the lending and loan operations staff on the compliance issues involved
  4. Perform a risk assessment to determine the bank's level of risk in offering this new product

Answer(s): D



A bank's president would like to begin offering a new home equity line of credit product within two weeks. In all cases the borrower's principal dwelling will secure the loan. The president has already launched a planned advertising campaign for the bank's major service markets. What should the compliance professional do FIRST?

  1. Hire an attorney to write the appropriate legal documents and disclosures
  2. Write a memo to the president explaining why the compliance professional should have been in on the process at an earlier date
  3. Begin training sessions for the lending and loan operations staff on the compliance issues involved
  4. Perform a risk assessment to determine the bank's level of risk in offering this new product

Answer(s): D



A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

  1. Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
  2. Nothing; the compliance professional's job is done with the completed research
  3. Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
  4. Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C



A bank has a large mortgage department as well as a high HMDA error rate. An expensive software program could automate the process, but the business unit manager does not want to purchase the software because of its expense. Though it is not as efficient, the manager prefers to make some improvements to the manual process, add some more robust monitoring procedures, and opt not to purchase the software. What should the compliance professional do?

  1. Elevate the issue to a higher authority to force the mortgage department unit to purchase the software
  2. Nothing; the compliance professional's job is done with the completed research
  3. Document the fact that the level of risk present with manual systems is acceptable to the mortgage department business unit
  4. Write a memo to the president of the bank that explains the risk assessment for this area

Answer(s): C



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