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Exam CRCM topic 1 question 207 discussion

Actual exam question from ABA's CRCM
Question #: 207
Topic #: 1
[All CRCM Questions]

Payroll card accounts established directly or indirectly by an employer for the purpose of electronically transferring an employee's wages, salary, or other compensation on a recurring basis, are covered by:

  • A. Regulation E
  • B. Regulation T
  • C. Regulation CC
  • D. Regulation Z
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Suggested Answer: A 🗳️

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Cam22
4 months ago
Selected Answer: A
The correct answer is A. Regulation E. Payroll card accounts, which are used for electronically transferring an employee's wages, salary, or other compensation on a recurring basis, fall under the protections and provisions of Regulation E. This regulation implements the Electronic Fund Transfer Act (EFTA) and includes specific rules regarding payroll card accounts to ensure that employees have certain rights and protections when receiving their compensation through these electronic means.
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