Certified Regulatory Compliance Manager (CRCM) — Question 148

It is a corporation or a non-depository institution that maintains an account with a Reserve Bank

Answer options

• A. Savings and loan associations
• B. Clearing institution
• C. A foreign banker
• D. Insured credit unions

Correct answer: B

Explanation

The correct answer is B, Clearing institution, as it accurately describes a non-depository institution that holds accounts with Reserve Banks. The other options, like savings and loan associations, a foreign banker, and insured credit unions, do not fit the definition of maintaining an account with a Reserve Bank.