Certified Regulatory Compliance Manager (CRCM) — Question 277

Which of the following must be included in a branch closing notice to a bank's regulatory agency?

Answer options

• A. Comments from customers who oppose the closing
• B. Detailed statement of the reasons for the closing
• C. Copy of the notice to be sent to affected customers
• D. Copy of board minutes reflecting the decision to close

Correct answer: B

Explanation

The correct answer is B because a detailed statement of reasons for the closing is necessary for regulatory compliance. Options A, C, and D, while potentially relevant, do not meet the essential requirement of providing a clear rationale for the closure, which is critical for the regulatory agency's understanding and assessment.