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Federal regulations define special-purpose credit-12 CFR 202.8 to include:

A. Any credit assistance program authorized by federal or state law for the benefit of an economically disadvantaged class of persons

B. Any credit assistance program offered by a not-for-profit organization for the benefit of its members or for the benefit of an economically disadvantaged class of person

C. A special-purpose credit program must not discriminate on a prohibited basis; however, it can require its participants to share a particular characteristic (such as race or sex) provided the requirement was not established to evade the requirements of the ECOA. If the participants must share a common characteristic, the bank may collect information on that characteristic to determine eligibility

D. If the program includes financial need as a criterion, the creditor can never request and consider information regarding the applicant

First National Bank made a loan to Lawrence and Co. for the purpose of purchasing landscape equipment, secured by a storage lot the company owneD. The borrower made payments for a year and then defaulteD. Three months passed without any communication or payments from the borrower, despite the bank's efforts to locate the company's owners. The company appears to have ceased operations. What is the bank's BEST course of action?

A. Do nothing, because the bank has no actual knowledge of abandonment and has not foreclosed on the property

B. Make reasonable inquiries to determine whether the property is abandoned and if so, report it as abandoned

C. Locate the borrower, foreclose on the property, and report the transaction as a foreclosure

D. Report the property as abandoned

Any person in one of the following category can be debt collector:

A. A person operating a business whose principal purpose is to collect debts

B. A person who regularly collects or attempts to collect debts owed to another (this includes outside counsel who collects debts on behalf of the financial institution)

C. A creditor who collects its own debts using a name other than its own, giving the impression that a third party is collecting it

D. A creditor who collects its own debts because of his forefathers

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

What should a bank's Bank Secrecy Act compliance program include?

A. All lobby notice requirements

B. The one-year record retention requirements

C. Designation of individuals responsible for day-to-day compliance

D. A list of types of loans covered by the Act