The CE Quizzes in ABA Bank Compliance provide up to six continuing education credits per year to those who
hold the CRCM certification. Each quiz consists of ten questions taken directly from the articles in each issue.
The quizzes have been pre-approved for 1.0 credit each. You must correctly answer seven out of ten questions to
receive the credit. To take the quiz, please go to the ABA Certification Manager, aba.csod.com. After you login,
click on Manage My CE on the home page which will take you to the “Certification Details” page. Locate the
quiz, select “Request” to launch the quiz. Quiz credits are automatically uploaded to your record. If you have any
questions, please contact ABA Professional Certifications at firstname.lastname@example.org.
Flood Compliance: Exploring the Depths
by Kathryn Morris , CRCM
1. What is the provision of the Biggert-Waters Act that has the
most sweeping implications for our industry?
a. The requirement for banks to accept privately issued flood insurance
policies—those issued outside the scope of the National Flood
Insurance Program (NFIP).
b. Retaining appropriate documentation when a building is determined
not to require insurance.
c. Calculating and documenting the amount of adequate insurance.
d. A Standard Flood Insurance Policy (SFIP) can generally only cover
a single structure, requiring a property with multiple structures
to be covered by multiple policies.
2. The best practices for documenting valuation should include:
a. Inconsistent but frequent references to the Standard Uniform
b. Never using third-party tools, as they may not be properly vetted.
c. A request that commercial appraisers provide a cost approach
as part of their investigation.
d. Using Hazard Insurance policies as they often include the value
of a structure’s foundation.
Why it Pays to Have a Remediation Policy
by Thomas G. Pareigat, J.D., and Angela V. Sayre
3. The bank’s Remediation Policy should include a general
policy statement, or guiding principles setting forth the
bank’s commitment to:
a. Sending the customer a check.
b. Making harmed customers whole through prompt and complete
c. Giving a credit to the customer’s account.
d. Giving the customer’s account an adjustment, in the case of a loan.
4. When measuring the scope of consumer harm, it is wise
a. How angry the customer seems to be.
b. If your customer knows how many other people were affected
c. The length of time the customer has been harmed by being without
d. If your customer knows what the typical restitution is.
5. The bank should have a written narrative that describes in detail
the process that was followed in each of these areas EXCEPT:
a. How were harmed customers identified?
b. How was the period of time determined?
c. How was the per account reimbursement amount determined?
d. How was the Board informed of the issue?
The Community Reinvestment Act:
Planning in an Age of Uncertainty
by Paul Jarosz, CRCM, and Jan Woolsey, CRCM
6. For a CRA Exam to proceed successfully, of critical importance
a. Lookback period
b. Integrity of data
c. Analysis of economic uncertainty
d. Bank’s technology and systems
7. Your bank’s Reasonably Expected Market Area (REMA) is:
a. Where your bank has marketed and provided credit and where it
could be reasonably expected to have marketed and provided credit.
b. Your assessment area only.
c. Where you would like to market and provide credit, and where you
have notified your regulator that it will be.
d. Your branch network.
8. What is the best resource for interpreting the CRA?
a. Your regulator.
b. Steady analysis of your marketing department.
c. Your legal counsel.
d. The CRA Q&As.
Is Your Bank Ready for the Zombie Apocalypse?
By Margaret L. Weir, Esq., CRCM
9. Who publishes the primary pertinent guidance for regulated
financial institutions, in regard to disaster recovery and
Business Continuity Planning?
a. Office of the Comptroller of the Currency (OCC).
b. National Centers for Environmental Information and the
National Oceanic and Atmospheric Administration (“NOAA”).
c. Federal Emergency Management Agency (FEMA).
d. Federal Financial Institutions Examination Council (FFIEC).
10. The main goal of the Business Continuity Plan should be to:
a. Make sure the regulators know that your bank has a contingency
plan that minimizes losses to the institution and serves customers
with minimal disruptions.
b. Make sure that the IT department has backed up all customer data
in case there is a loss of electricity.
c. Minimize financial losses to the institution, serve customers and
financial markets with minimal disruptions, and mitigate the negative
effects of disruptions on business operations.
d. Ensure that Zombies do not take over bank management.