Exam CRCM All QuestionsBrowse all questions from this exam
Question 13

In the mid-1980s a movement began among the federal supervisory agencies to produce a uniform ARM regulation. In 1988, the Federal Reserve Board added the uniform ARM disclosure requirements to a regulation. Therefore, most of the original OCC ARM consumer protection requirements are now found in this new regulation. Adjustable rate mortgage loans made by national banks may be subject to the OCC's ARM regulation or the requirements of this new regulation, or both. This new regulation is:

    Correct Answer: A, B

    The regulation known as Regulation Z is part of the Truth in Lending Act (TILA). Regulation Z implements the TILA, which includes the uniform ARM disclosure requirements added by the Federal Reserve Board in 1988. Therefore, both Regulation Z and Truth in Lending refer to the same regulation and are correctly identified as the new regulation containing the ARM consumer protection requirements.

Discussion
Dex24Option: A

It is A, page 55

JessyJazz24Options: AB

Listen attentively don't be dishonest