Credit scoring systems:

Evaluate an applicant's creditworthiness mechanically, based on key attributes of the applicant and aspects of the transaction, and determine, alone or in conjunction with an evaluation of additional information about the applicant, whether an applicant is deemed creditworthy
Are evaluated by regulatory agencies to determine whether they are empirically derived and statistically sound and to examine:
The bank's policies on the use of the credit scoring system Training of bank employees on the use of the system The number of high-side and low-side overrides of the system
Both of these
None of these

Answer(s): C

Federal regulations define special-purpose credit-12 CFR 202.8 to include:

Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons
Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person
A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility
If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

Answer(s): A,B,C

Federal regulations define special-purpose credit-12 CFR 202.8 to include:

Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons
Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person
A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility
If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

Answer(s): A,B,C

Federal regulations define special-purpose credit-12 CFR 202.8 to include:

Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons
Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person
A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility
If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

Answer(s): A,B,C

Free CRCM Exam Braindumps (page: 60)