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Exam CRCM topic 1 question 211 discussion

Actual exam question from ABA's CRCM

Question #: 211
Topic #: 1

[All CRCM Questions]

Consumers are not considered to be the customers if they do not have continuing relationship with the financial institution. A relationship is considered NOT to be a continuing relationship if:

A. The consumer obtains financial services only in isolated transactions, such as using an ATM
B. The consumer's loan is sold and servicing rights are retained
C. The consumer purchases airline tickets or travel insurance in an isolated transaction
D. The consumer is a beneficiary or grantor of a trust not administrated by the bank

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Suggested Answer: AC 🗳️

by Cam22 at March 17, 2024, 12:38 a.m.

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Dex24

1 month, 1 week ago

A, page 1150.

upvoted 1 times

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The correct answer is A. The consumer obtains financial services only in isolated transactions, such as using an ATM. This option describes a scenario where the interaction between the consumer and the financial institution does not establish a continuing relationship as defined under regulations like the Gramm-Leach-Bliley Act (GLBA), which focuses on customer relationships involving ongoing financial services or transactions. Isolated transactions do not create the kind of continuing relationship that would classify the consumer as a "customer" under the GLBA.

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