Certified Regulatory Compliance Manager (CRCM) — Question 310

On a written request from a member of the public, the bank must disclose the names of each of its executive officers and principal shareholders to whom the bank had aggregate credit outstanding at the end of the latest quarter that equaled or exceeded:

Answer options

• A. 10 percent of the bank's capital, and unimpaired surplus or $500,000, whichever is less; no disclosure is required if the aggregate credit was $30,000 or less. Disclosure of individual loan amounts is not required
• B. 5 percent of the bank's capital, and unimpaired surplus or $500,000, whichever is less; no disclosure is required if the aggregate credit was $25,000 or less. Disclosure of individual loan amounts is not required
• C. 6 percent of the bank's capital, and unimpaired surplus or $100,000, whichever is less; no disclosure is required if the aggregate credit was $25,000 or less. Disclosure of individual loan amounts is not required
• D. 5 percent of the bank's capital, and unimpaired surplus or $100,000, whichever is less; no disclosure is required if the aggregate credit was $35,000 or less. Disclosure of individual loan amounts is not required

Correct answer: B

Explanation

The correct answer is B, which states the threshold is 5 percent of capital and unimpaired surplus or $500,000, with a disclosure exemption for credits of $25,000 or less. Option A sets the threshold too high at 10 percent, while C specifies a percentage of 6 percent and D has a different exemption amount, making both incorrect.