Question 1

On foreclosure, which of the following loans is subject to the reporting requirements for foreclosed and abandoned property?

Options :

A : A loan made to purchase a family car, secured by the car

B : An unsecured loan made to purchase a computer used in the borrower’s business

C : A loan made to purchase a residence, secured by the residence

D : A loan made to purchase a home computer, secured by the computer

Answer: C

Question 2

First National Bank is a wholly owned subsidiary of Bank Holding Company, Inc.Which of the following companies is NOT an affiliate of First National Bank?

Options :

A : A company that owns 60 percent of Bank Holding Company, Inc.

B : A company of which First National owns 100 percent of the stock, set up solely to hold the title to the First National Bank building

C : A company established to sell securities and that is 100 percent owned by Bank Holding Company, Inc.

D : Another bank that is owned by Bank Holding Company, Inc.

Answer: B

Question 3

This is a loan term or an arrangement that modifies a loan term under which a bank agrees to suspend all or part of a customer’s loan obligation on the occurrence of a specified event. It May be a part of the loan itself or a separate agreement.Does not include a loan payment deferral arrangement where the borrower or the bank can unilaterally defer a payment.What is it?

Options :

A : Debt suspension agreement (DSA)

B : Anti-dying

C : Debt cancellation contract (DCC)

D : ALLL

Answer: A

Question 4

Transfers involving entries to accounts maintained at two different Reserve Banks are:

Options :

A : Fedwire transfers

B : Interdistrict transfers

C : Intradistrict transfers

D : Any one of these

Answer: B

Question 5

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?

Options :

A : Publish a notice of the closing in the local newspaper

B : Send a notice to its regulatory agency

C : Send notices to the branch customers

D : Post a notice at the branch

Answer: A

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