American Bankers Association Exam CRCM Topic 8 Question 67 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 67
Topic #: 8

[All CRCM Questions]

ABC Bank has an interactive Internet Web site at which it takes consumer credit applications. At the time an applicant completes an application on the Web site and submits it, the applicant also is asked for his or her email address. If the application is denied, ABC sends an adverse action notice to the applicant's email address listed on the application. Using this procedure, what is ABC Bank's responsibility?

APost the notice on its Web site also

BSend a paper notice by regular mail also

CUse a credit scoring system

DObtain the applicant's affirmative consent before sending the notice

Show Suggested Answer

Suggested Answer: B

by Viva at Mar 22, 2023, 04:45 PM

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Rosalind

1 months ago

Ah, the joys of banking regulations. I bet the folks at ABC Bank wish they could just email the adverse notice as a GIF of a dancing cat. That would really grab the applicant's attention!

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Cristal

1 months ago

D is the way to go. Obtaining the applicant's consent is the right thing to do. Although, I bet some applicants would just click 'yes' without reading the fine print. *wink wink*

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Katheryn

2 days ago

I think B is also necessary to make sure the applicant receives the notice even if they don't check their email regularly.

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Carri

13 days ago

I agree, D is definitely important to ensure the applicant is aware of the notice being sent.

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Alyce

1 months ago

I'm going with C. Using a credit scoring system to evaluate the application is a standard practice, and it seems like the most responsible approach here.

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Alpha

2 days ago

I think sending a paper notice by regular mail is also important to ensure the applicant receives the information.

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Tamesha

4 days ago

I agree, using a credit scoring system is a common practice in evaluating credit applications.

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Emmett

1 months ago

Option B seems like the safest bet. Sending a paper notice by regular mail is the traditional way to go, and it ensures the applicant receives the notice regardless of email issues.

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Emelda

13 days ago

Option B seems like the safest bet. Sending a paper notice by regular mail is the traditional way to go, and it ensures the applicant receives the notice regardless of email issues.

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Lenna

24 days ago

B) Send a paper notice by regular mail also

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Hassie

1 months ago

A) Post the notice on its Web site also

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William

2 months ago

I think the correct answer is D. ABC Bank should obtain the applicant's affirmative consent before sending the adverse action notice to the email address. Sending it without consent could be a violation of privacy.

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