Certified Regulatory Compliance Manager (CRCM) — Question 103

A bank does not know all of the specific information to be disclosed on the lease at the time of the consummation. What may the bank do after attempting to obtain the information?

Answer options

• A. Omit the unknown disclosures
• B. Estimate the amounts and note that the information is estimated
• C. Delay consummation of the transaction until the information is ascertained
• D. Estimate the information based on averages of all other leasing transactions the bank has made within the last six months

Correct answer: B

Explanation

The correct answer is B because it allows the bank to proceed with an informed estimate while being transparent about the uncertainty. Options A, C, and D are incorrect as omitting disclosures can lead to compliance issues, delaying the deal is not practical, and estimating based on averages may not accurately reflect the current lease terms.