Certified Regulatory Compliance Manager (CRCM) — Question 62

Debt Cancellation Contracts and Debt Suspension Agreements coverage includes:

Answer options

• A. National banks that issue debt cancellation contracts and debt suspension agreements with borrowers in connection with loans for personal, family, or household purposes
• B. A national bank may not engage in any practice, including advertising, which would cause a reasonable person to be misled with respect to DSAs and DCCs
• C. A bank must provide the long-form disclosures in writing before the customer completes the purchase of a contract. If the solicitation occurs in person, the long-form disclosures must be provided at that time
• D. A bank must make the short-form disclosures orally at the time the bank first solicits the contract

Correct answer: A

Explanation

The correct answer is A because it specifically identifies the types of institutions that are covered under the Debt Cancellation Contracts and Debt Suspension Agreements. Options B, C, and D address practices related to disclosures and advertising but do not define the coverage itself.