Certified Regulatory Compliance Manager (CRCM) — Question 80

Content of notification to credit consumers must contain:

Answer options

• A. Statement of the action taken
• B. Name and address of creditor
• C. Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 30 days of a request. The request for specific reasons must be made within 60 days of the receipt of the adverse action notice.
• D. Statement of the specific reasons for the adverse action or a disclosure of the applicant's right to receive the specific reasons within 15 days of a request. The request for specific reasons must be made within 30 days of the receipt of the adverse action notice.

Correct answer: A, B, C

Explanation

The correct answer includes A, B, and C because they correctly outline the necessary components of a notification regarding credit actions, including the action taken, creditor's information, and the specific reasons for adverse actions. Option D is incorrect as it provides an inaccurate timeframe for the disclosure of specific reasons.