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Free CRCM Exam Braindumps
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 151–152 (page: 92)

Updated On: 9-Feb-2026
Page 92 of 276
PDF with 463 Questions

When helping a loan officer determine whether the bank must give a written adverseaction notice to a business loan applicant, what should the compliance officer consider?

  1. Current net income
  2. Gross revenue for the preceding year
  3. Length of time the applicant has been in business
  4. Type of business entity (that is, corporation, partnership, or sole proprietorship)

Answer(s): B



When helping a loan officer determine whether the bank must give a written adverseaction notice to a business loan applicant, what should the compliance officer consider?

  1. Current net income
  2. Gross revenue for the preceding year
  3. Length of time the applicant has been in business
  4. Type of business entity (that is, corporation, partnership, or sole proprietorship)

Answer(s): B



Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



Which of the following describes the record retention requirements under Regulation Bfor a credit application from a business with annual gross revenues in excess of$1,000,000?

  1. The bank must retain records for 30 days; however, if a written statement of action isrequested, the bank must retain the records for 90 days.
  2. After 6 months, the bank must dispose of the applications and records in accordancewith waste disposal rules promulgated by the EPA.
  3. The bank must retain records for 12 months if a written statement of adverse action isrequested within 60 days after notifying the applicant of the action taken.
  4. The bank must retain records for 25 months from the date of application.

Answer(s): C



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