Certified Regulatory Compliance Manager (CRCM) — Question 188

Following mentioned are the responsibilities of:
1. Must notify the bank, either orally or in writing, of error within 60 days:
"¢ Of the institution's transmission of a statement or other documentation on which the error first appears or
"¢ Of receiving additional information or clarification provided pursuant to the consumer's request
2. Consumer's notification should include the following items
"¢ Consumer's name and account number or information that allows the institution to identify the consumer's name or account number
"¢ Consumer's belief and reasons for the belief that an error exists and, if possible, the type, date, and amount of the error (this information does not have to be given if the consumer is simply requesting further information or clarification)

Answer options

Correct answer: A

Explanation

The correct answer is 'A. Consumer' because it is the consumer's duty to report errors to the bank within the specified timeframe. The financial institution, reserve bank, and third parties do not have the responsibility to notify the bank about such errors, as it is solely the consumer's obligation.