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Core Compliance (deep, role critical expertise) |
- Electronic Fund Transfers Act / Regulation E
Knowledge of:
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Definitions and Coverage
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Error Resolution
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Disclosures (e.g., initial, subsequent, periodic statements)
-
Prepaid Accounts
-
Remittance Transfers
-
Overdraft Services
- Truth in Savings Act / Regulation DD
Knowledge of:
-
Definitions
-
Advertising
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Disclosures (e.g., initial, subsequent, periodic statements)
- Equal Credit Opportunity Act / Regulation B
Knowledge of:
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Definitions, Exceptions, and General Rules
-
Applications
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Notifications
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Appraisals and other valuations
- Flood Insurance Laws and Regulations including Interagency Q&A
Knowledge of:
-
Definitions and Exemptions
-
Determination and Purchase of Insurance Requirements
-
Escrow
-
Force Placement
- Truth in Lending Act / Regulation Z
Knowledge of:
-
Definitions, Exemptions, and Finance Charge
-
Open End Credit (e.g., credit cards, general lines of credit, HELOCs)
-
Closed End Credit (e.g., mortgages, installment loans)
-
Private Education Loans
- Home Mortgage Disclosure Act / Regulation C
Knowledge of:
-
Definitions and Exemptions
-
Compilation of Reportable Data
-
Disclosure and Reporting
- Community Reinvestment Act, Implementing Regulations and Interagency Q&A
Knowledge of:
-
Definitions
-
Delineation of Assessment Area(s)
-
Community Development Activities
-
Tests (i.e., Lending, Investments, Services)
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Records, Reports, and Disclosure Requirements
- Unfair, Deceptive, or (Abusive) Acts or Practices (UDAP/UDAAP)
Knowledge of:
-
Definitions (i.e., Unfair, Deceptive, Abusive, Consumer Harm)
-
Deposits (e.g., disclosures)
-
Lending (e.g., credit practices)
-
Complaints
-
Advertising (e.g., sales practice, social media)
- Bank Secrecy Act (BSA)
Knowledge of:
-
Five pillars of BSA (i.e., BSA Officer, Internal Controls, Training, Independent Testing, Customer Due Diligence)
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Suspicious activity reporting
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OFAC and sanctions
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37% |
|
Compliance Management System (CMS) |
Area 1: Governance and Oversight
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Reporting to Board and Senior Management
Knowledge of:
- Reporting on the status of the compliance program
- Reporting periodic reviews of the compliance management program results and management’s response
- Reporting on the status of regulatory changes and implementation
- Escalating matters outside the institution’s risk appetite to senior management and the board of directors
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Risk Assessments
Knowledge of:
- Designing, conducting, and maintaining comprehensive compliance risk assessment programs (e.g., compliance, fair lending, UDAAP/UDAP)
- Communicating the results of compliance risk assessments to applicable parties (e.g., management, committees, business lines)
- Evaluating the compliance risk within the development of, or changes to products, services, processes, and systems
Area 2 – Compliance Program Components
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Policies and Procedures
Knowledge of:
- Establishing, reviewing, and maintaining a compliance management policy appropriate for the size and complexity of the institution
- Establishing, reviewing, and maintaining regulatory compliance policies appropriate for the size and complexity of the institution
- Establishing and maintaining effective compliance program procedures needed to administer the program
- Reviewing first line procedures to ensure regulatory requirements are being met (e.g., Fair Lending, Regulation E, Regulation Z)
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Training
Knowledge of:
- Developing and conducting appropriate regulatory compliance training for board of directors, management and staff
- Reviewing training materials and tracking enterprise-wide and/or jobspecific regulatory compliance training
- Providing compliance support to internal parties (e.g., answering questions, conducting research and analysis)
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Complaint Management
Knowledge of:
- Administering and/or monitoring a complaint management program
- Developing, reviewing, and/or maintaining procedures for a complaint management program
- Ensuring timely resolution of complaints with a regulatory compliance impact
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Third-Party Risk Management
Knowledge of:
- Assessing new vendors through documentation to ensure regulatory compliance risks are properly addressed
- Participating in conducting ongoing due diligence for vendors with regulatory impact (e.g., periodic reporting, scripts, training)
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Compliance Monitoring
Knowledge of:
- Developing and maintaining a regulatory compliance monitoring plan based on the institution’s strategic plans (e.g., overall compliance risk assessment, fair lending risk assessment, new products and services)
- Defining the scope and test regulatory compliance policies, procedures, controls, reportable data, and transactions against regulatory requirements to identify risks and potential exceptions
- Reviewing and confirming potential exceptions, findings, monitoring results, and recommendations with business units and issue final report to senior management, including amounts to be remediated
- Reviewing the development of, or changes to, products, services, processes, and systems
- Reviewing marketing and external communications
Area 3 – Managing Regulatory Expectations
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Issue Management
Knowledge of:
- Identifying and conducting root cause analysis to determine the scope of the issue
- Collaborating with appropriate parties to develop a complete and timely corrective/resolution action plan
- Reviewing and approving the implementation of the corrective/resolution action plan
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Regulatory Reporting
Knowledge of:
- Completing required reporting, ensuring timely submission to the appropriate agency, and resubmitting when required (e.g., CRA, HMDA, credit card information)
- Coordinating and submitting ongoing regulatory reports to auditors/examiners (e.g., reporting related regulatory enforcement actions, governance reporting requested from regulators)
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Regulatory Change Management
Knowledge of:
- Assessing new, revised, or proposed regulatory changes for compliance impacts, communicating with the appropriate parties, and developing action plans as needed
- Assessing regulatory guidance and compliance enforcement actions to determine if remediation is required to address potential compliance impacts
- Monitoring and validating action plans for confirmed regulatory impacts to ensure timely adherence to the mandatory compliance date
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Examination Management
Knowledge of:
- Preparing and reviewing requested examination materials to ensure timely and accurate fulfillment and identifying potential areas of concern
- Participating in examination meetings to provide business overviews, address questions, discuss findings, or provide updates to appropriate parties
- Reviewing and drafting responses to validated examination results and ensuring action plans are developed and communicated to appropriate parties
- Reporting on action plan status to appropriate levels of management and auditors/examiners
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26% |
Use this quick start guide to collect all the information about ABA Regulatory Compliance Manager (CRCM) Certification exam. This study guide provides a list of objectives and resources that will help you prepare for items on the CRCM ABA Regulatory Compliance Manager exam. The Sample Questions will help you identify the type and difficulty level of the questions and the Practice Exams will make you familiar with the format and environment of an exam. You should refer this guide carefully before attempting your actual ABA Regulatory Compliance Manager certification exam.
