Certified Regulatory Compliance Manager (CRCM) — Question 61

Record keeping requirements-12 CFR 215.8 elaborates that:

Answer options

• A. Each bank must establish a recordkeeping system to keep records necessary for compliance with Regulation O
• B. Banks may use any alternative recordkeeping method for insiders of affiliates if the bank's regulatory agency determines the bank's method is at least as effective as that required by Regulation O
• C. All recordkeeping systems must Include either an annual survey of insiders to identify related interests, or a requirement as part of each extension of credit that the borrower indicates whether he or she is an insider. Provide for the maintenance of records of all credit to insiders, including the amounts and terms
• D. All of these

Correct answer: D

Explanation

The correct answer is D because all the statements provided in options A, B, and C accurately reflect the requirements outlined in 12 CFR 215.8. Each option describes different aspects of recordkeeping that banks must follow, making option D, which encompasses all of them, the most comprehensive and correct choice.