The CE quizzes in ABA Bank Compliance magazines provide up to six continuing education credits per year
to Certified Regulatory Compliance Managers (CRCMs). Each quiz consists of 10 questions taken directly
from the articles in each issue and have been pre-approved by the ICB for 1.0 credit per quiz. You must
correctly answer seven out of the 10 questions to receive the credit.
To take the quiz, please go to www.icbmembers.org, login, and click on “Continuing Education Quizzes (ABA Magazine)” located on the left-hand side of the page. Once you have completed the quiz, you
will receive immediate notification of the results, which can be printed and saved for your records. Quiz
credits are automatically uploaded to your record and will show under “My Continuing Education Credits”
within 48 hours. If you have any questions, contact ICB’s Continuing Education Manager at icb@aba.com.
To Modify or Not to Modify: Avoiding the Traps
By Carl G. Pry, CRCM
1. According to the OCC/OTS Quarterly Mortgage
Metrics Report, the most successful mortgage
modifications for continuing payments were those
that:
a. froze the adjustable rate
b. forgave missing payments
c. lowered the monthly payments
d. deferred principal and interest to the end of the loan
2. At the end of the first quarter of 2009, what
percentage of all mortgages were nonperforming,
according to the OCC/OTS report?
a. 10 percent
b. 20 percent
c. 30 percent
d. 40 percent
3. According to the OCC/OTS study, subprime
delinquencies rose “only” 1. 5 percent from the
previous quarter, while prime loans rose by:
a. 10 percent
b. 20 percent
c. 30 percent
d. 40 percent
Trends in Enforcement Actions:
Are compliance weaknesses still getting
regulators’ attention?
By Adam Shapiro and Jeanine Catalano
4. Of the 487 formal enforcement actions issued in
the 18 months ending June 30, 2009, which agency
accounted for 46 percent?
a. Federal Deposit Insurance Corporation
b. Federal Reserve Board
c. Office of the Comptroller of the Currency
d. Office of Thrift Supervision
5. According to the Wall Street Journal, through a
Freedom of Information Act request, approximately
how many memorandums of understanding were
issued in 2008 by regulators?
a. 300
b. 400
c. 500
d. 600
6. Of the formal enforcement actions issued by
regulators, which law or regulation was cited the
most?
a. Bank Secrecy Act/Office of Foreign Assets Control
(BSA/OFAC)
b. Regulation O
c. Regulation Z/Truth In Lending Act (TILA)
d. Real Estate Settlement Procedures Act (RESPA)
Compliance Audits: A Marriage Made in Heaven—
or Somewhere Worse?
By Pat Patrick Shutterly
7. According to the author, which of these themes
is NOT critical to a successful marriage between
compliance and audit?
a. communication
b. partnership
c. perspective
d. persistence
8. In which case is “independent testing” mandated
by law?
a. Bank Secrecy Act
b. Home Mortgage Disclosure Act
c. Truth In Lending Act
d. Flood Insurance
9. According to the “issue ID” rule, which is the
“better” option?
a. compliance officer identifies
b. management self-identifies
c. audit identifies
d. examiners identify
Compliance Risk in the Debt Collection World:
One Company’s Risk Management Approach
10. Even though Wilmington Trust Company collects
only its own debts, it patterns its consumer collection
practices in compliance after the:
a. Fair Credit Reporting Act
b. Fair and Accurate Credit Transactions Act
c. Truth in Lending Act
d. Fair Debt Collections Practices Act
