Exam CRCM topic 1 question 210 discussion

Actual exam question from ABA's CRCM

Question #: 210
Topic #: 1

Following institutions comes under the heading of ________________:
"¢ Institutions subject to the commodity Futures Trading Commission
"¢ The Federal Agriculture Mortgage Corporation or institutions charted and operating under the Farm credit Act
"¢ Institutions charted by Congress to engage in securitizations, secondary market sales, or similar transactions, provided that the institution does not sell or transfer nonpublic personal information to nonaffiliated third parties

A. Consumers
B. Financial institutions
C. Non-financial institutions
D. Regulatory authorities

Show Suggested Answer

Suggested Answer: C 🗳️

by Cam22 at March 17, 2024, 12:36 a.m.

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Dex24

6 months, 1 week ago

Correct answer is C, page 1149

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Cam22

8 months, 3 weeks ago

Selected Answer: B

The correct answer is B. Financial institutions. The institutions listed, including those subject to the Commodity Futures Trading Commission, the Federal Agriculture Mortgage Corporation or institutions chartered under the Farm Credit Act, and institutions chartered by Congress to engage in securitizations, secondary market sales, or similar transactions (with the stipulation that they do not sell or transfer nonpublic personal information to nonaffiliated third parties), are all considered financial institutions under the definitions provided by regulations such as the Gramm-Leach-Bliley Act (GLBA). The GLBA broadly defines financial institutions to include a wide range of entities involved in financial activities.

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