Certified Regulatory Compliance Manager (CRCM) — Question 194

As an alternative to providing a periodic statement, a financial institution holding payroll card accounts may make available:

Answer options

• A. The account balance, accessed through a readily available telephone line
• B. An electronic history of the account that covers a period of at least 60 days preceding the time the consumer electronically accesses the account
• C. A written history of account transactions, available on request that covers a period of at least 15 days preceding the date of the consumer request
• D. A written history of account transactions, available on request that covers a period of at least 30 days preceding the date of the consumer request

Correct answer: A, B

Explanation

The correct answers, A and B, indicate that a financial institution can provide immediate access to account balance and a detailed electronic history over a 60-day period. Options C and D provide longer timeframes for written histories but do not meet the criteria for alternative methods that are readily accessible.