QUESTION NO: 1
These are the definitions of _: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type.A refusal to increase the amount of credit available to an applicant who has made an application for an increase
These are the definitions of _: The refusal to grant credit in substantially the amount or on substantially the terms requested in an application (and the applicant uses or expressly accepts the credit offered) A termination of the account or an unfavorable change in the terms of an account, unless the change affects substantially all of the lender's accounts of that type.A refusal to increase the amount of credit available to an applicant who has made an application for an increase
Correct Answer: A
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QUESTION NO: 2
Following institutions comes under the heading of:
Institutions subject to the commodity Futures Trading Commission
The Federal Agriculture Mortgage Corporation or institutions charted and operating under the Farm credit Act
Institutions charted by Congress to engage in securitizations, secondary market sales, or similar transactions, provided that the institution does not sell or transfer nonpublic personal information to nonaffiliated third parties
Following institutions comes under the heading of:
Institutions subject to the commodity Futures Trading Commission
The Federal Agriculture Mortgage Corporation or institutions charted and operating under the Farm credit Act
Institutions charted by Congress to engage in securitizations, secondary market sales, or similar transactions, provided that the institution does not sell or transfer nonpublic personal information to nonaffiliated third parties
Correct Answer: C
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QUESTION NO: 3
A must settle for an item with its administrative bank, whether or not it received the item from that bank. Settlement with its administrative bank is deemed to be settlement with the Reserve Bank that sent the item.
A must settle for an item with its administrative bank, whether or not it received the item from that bank. Settlement with its administrative bank is deemed to be settlement with the Reserve Bank that sent the item.
Correct Answer: D
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QUESTION NO: 4
Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:
Any of the following foreign correspondents for which the Federal Reserve maintains an account EXCEPT:
Correct Answer: D
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QUESTION NO: 5
Which of the following statements is true regarding the lessee's ability to purchase the leased property?
Which of the following statements is true regarding the lessee's ability to purchase the leased property?
Correct Answer: C
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QUESTION NO: 6
Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?
Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?
Correct Answer: C
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QUESTION NO: 7
A Reserve Bank makes the following warranties when it handles :
For all items, the Reserve Bank warrants that the returned checks bear all endorsements by all parties that previously handled the checks
For all electronic items, the Reserve Bank warrants all of the
Regulation CC warranties as though they were paper checks
For electronic items that are not representations of substitute checks, the Reserve Bank warrants the following to the bank to which it sends the item:
(a)The electronic portion of the item accurately represents all of the information on the front and back of the check as of the time the check was truncated
(b)All MICR line information is contained on the item
(c)The item conforms to the technical standards set forth in the operating circular
(d)No person will receive a transfer, presentment, or return, or otherwise be charged for the item such that the person will be asked to make payment based on an item he or she has already paid
A Reserve Bank makes the following warranties when it handles :
For all items, the Reserve Bank warrants that the returned checks bear all endorsements by all parties that previously handled the checks
For all electronic items, the Reserve Bank warrants all of the
Regulation CC warranties as though they were paper checks
For electronic items that are not representations of substitute checks, the Reserve Bank warrants the following to the bank to which it sends the item:
(a)The electronic portion of the item accurately represents all of the information on the front and back of the check as of the time the check was truncated
(b)All MICR line information is contained on the item
(c)The item conforms to the technical standards set forth in the operating circular
(d)No person will receive a transfer, presentment, or return, or otherwise be charged for the item such that the person will be asked to make payment based on an item he or she has already paid
Correct Answer: D
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QUESTION NO: 8
Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?
Second National has decided to close one of its less profitable neighborhood branches. Which of the following actions is NOT required of the bank under federal law?
Correct Answer: A
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QUESTION NO: 9
On which of the following loans does First Savings Bank NOT have to provide a 1098-E (Student Loan Interest) report?
On which of the following loans does First Savings Bank NOT have to provide a 1098-E (Student Loan Interest) report?
Correct Answer: C
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