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Exam CRCM topic 1 question 151 discussion

Actual exam question from ABA's CRCM
Question #: 151
Topic #: 1
[All CRCM Questions]

When helping a loan officer determine whether the bank must give a written adverse action notice to a business loan applicant, what should the compliance officer consider?

  • A. Current net income
  • B. Gross revenue for the preceding year
  • C. Length of time the applicant has been in business
  • D. Type of business entity (that is, corporation, partnership, or sole proprietorship)
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Suggested Answer: B 🗳️

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Cam22
4 months ago
Selected Answer: B
The gross revenue for the preceding year is one of the factors that the compliance officer should consider in determining whether the bank must provide a written adverse action notice to a business loan applicant. This is in accordance with the regulations set forth by the Equal Credit Opportunity Act (ECOA).
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