CRCM

The American Bankers Association's Certified Regulatory Compliance Manager (CRCM) exam covers a broad range of topics related to regulatory compliance in the banking industry. The main points can be grouped into several key areas:

I. Financial Crimes Compliance: This is a significant portion of the exam. Expect questions on:

• Bank Secrecy Act (BSA) / Anti-Money Laundering (AML): This includes customer due diligence (CDD), suspicious activity reporting (SAR), Office of Foreign Assets Control (OFAC) sanctions compliance, and understanding different types of money laundering schemes.
• USA PATRIOT Act: Knowledge of the provisions impacting financial institutions, such as customer identification programs and due diligence requirements for correspondent accounts.
• Anti-Bribery and Corruption (ABC): Understanding the Foreign Corrupt Practices Act (FCPA) and other relevant regulations.
• Fraud Prevention and Detection: Recognizing and mitigating various types of fraud, including internal and external schemes.

II. Consumer Compliance: This section focuses on protecting consumers and ensuring fair lending practices. Key topics include:

• Fair Lending Laws: Understanding the Equal Credit Opportunity Act (ECOA), the Fair Housing Act, the Home Mortgage Disclosure Act (HMDA), and the Community Reinvestment Act (CRA). This also includes the prevention of discrimination in lending and other banking services.
• Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA): Knowing the disclosure requirements and consumer protections under these regulations.
• Consumer Financial Protection Bureau (CFPB) Regulations: Familiarity with the CFPB's role and authority in consumer protection.
• Fair Debt Collection Practices Act (FDCPA): Understanding the rules and regulations governing the collection of consumer debts.

III. Operational Risk Management and Internal Controls: This emphasizes maintaining a strong and effective compliance program.

• Internal Controls: Designing and implementing systems to ensure compliance with laws and regulations.
• Risk Assessment and Management: Identifying, assessing, and mitigating compliance-related risks.
• Compliance Program Development and Implementation: Creating and maintaining a robust compliance program.
• Governance and Oversight: Understanding the roles and responsibilities of the board of directors, senior management, and compliance officers.
• Independent Audits: Understanding the purpose and process of internal and external audits.

IV. Other Regulatory Areas: While the above are major areas, you'll also need knowledge of:

• Data Security and Privacy: Protecting customer data and complying with regulations such as the Gramm-Leach-Bliley Act (GLBA).
• Information Security: Protecting sensitive information from unauthorized access and use.
• Privacy: Understanding consumer privacy rights and responsibilities related to data protection.
• Insurance and Bonding: Knowing about necessary insurance coverage for financial institutions.
• Regulatory Reporting: Understanding the requirements for filing regulatory reports with relevant agencies.

V. Ethics and Professional Conduct: Maintaining the highest ethical standards within the banking industry and acting with integrity.

It's crucial to understand that this is not an exhaustive list, and the exam tests a broad understanding of the interplay between these areas. The weight given to each topic may vary from exam to exam. Studying the official CRCM exam outline provided by the ABA is essential for thorough preparation.