Certified Regulatory Compliance Manager (CRCM) — Question 126

In a review of a bank's compliance with the Regulation O overdraft provisions, what should the compliance officer do?

Answer options

• A. Identify the related interests of all directors, executive officers, and principal shareholders
• B. Examine the bank's overdraft reports for a selected time period
• C. Examine the annual FFIEC-004 reports on indebtedness to correspondent banks
• D. Examine the bank's latest report of condition and income

Correct answer: B

Explanation

The correct answer is B because reviewing the bank's overdraft reports for a specific timeframe directly addresses compliance with Regulation O's overdraft provisions. The other options, while related to bank operations, do not specifically assess adherence to the overdraft regulations like option B does.