Certified Regulatory Compliance Manager (CRCM) — Question 81

A bank may engage in voluntary self-testing and self-correction of its compliance with Regulation B. If the bank takes any appropriate corrective action, the reports, results, analysis, opinions, and conclusions of the self-test will be protected by a privilege. The privilege will be lost if

Answer options

• A. Loan and application files or other records related to a credit transaction and information derived from such files and records, even if it has been reorganized and summarized for analysis
• B. The information is voluntarily disclosed to the government
• C. The public or is used in any manner as a defense to a discrimination charge
• D. credit information is furnished in response to inquiries concerning an account reflecting the participation of consumer

Correct answer: B, C

Explanation

The correct answer is B and C because the privilege protecting the self-test results is lost if the information is disclosed to the government or used publicly in defense against discrimination claims. Option A and D do not lead to the loss of privilege since they involve internal records that do not constitute a voluntary disclosure or public usage.