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Exam CRCM topic 1 question 297 discussion

Actual exam question from ABA's CRCM
Question #: 297
Topic #: 1
[All CRCM Questions]

If a bank receives a request for financial disclosure, how may the bank fulfill this request?

  • A. Provide copies of the call reports covering the current and previous year
  • B. Provide a copy of its statement of condition covering the year immediately preceding the request
  • C. Provide a copy of its most recent, unaudited financial statement
  • D. Provide copies of its Uniform Bank Performance Reports for three consecutive years
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Suggested Answer: A 🗳️
by Cam22 at March 17, 2024, 1:12 p.m.

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Cam22
2 months ago
Selected Answer: B
When a bank receives a request for financial disclosure, providing a copy of its statement of condition for the year immediately preceding the request is a common way to fulfill such requests. The statement of condition is a comprehensive financial statement that outlines the bank's assets, liabilities, and capital, offering a clear view of its financial health at a specific point in time, typically at the end of the fiscal year.
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