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Exam CRCM topic 1 question 83 discussion

Actual exam question from ABA's CRCM
Question #: 83
Topic #: 1
[All CRCM Questions]

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

  • A. Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
  • B. The information is voluntarily disclosed to the government
  • C. The public or is used in any manner as a defense to a discrimination charge
  • D. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer
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Suggested Answer: BC 🗳️

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Cam22
4 months ago
Selected Answer: C
C. The privilege will be lost if the information is voluntarily disclosed to the government or the public or is used in any manner as a defense to a discrimination charge. This option accurately reflects the circumstances under which the privilege protecting the reports, results, analysis, opinions, and conclusions of a voluntary self-test of compliance with Regulation B may be lost. If the information is disclosed voluntarily to the government, the public, or used in any way as a defense to a discrimination charge, the privilege protecting the self-test results may be waived.
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