NAFCU NCCO EXAM 1 NEWEST ACTUAL QUESTIONS

NAFCU NCCO EXAM 1 NEWEST ACTUAL / QUESTIONS

WITH ANSWERS GRADED A+/VERIFIED

Preemption- Lending - ----Answers---Federal - rates, terms of repayment, late fees, closing and origination fees State - transfer of property, establishing a line on collateral, enforcing contracts, foreclosure or repo procedures, collection costs, plain language requirements for consumer lending documents

Preemption - Share accounts - ----Answers---Federal- opening, maintaining and closing dividends, dormant fees, charge a fee for cashing on us checks for nonmembers State- transfer of property, enforcing contracts, attorney or collection costs, unclaimed prope and escheatment.

Statutory Lien - ----Answers---FCU Act gives CUs ability to impress and enforce a statutory lien, impressing requires written notice and can be enforced without further notice.

Membership rights - ----Answers---1. Vote

• Maintain share account

Expulsion - ----Answers---1. special meeting - rules in bylaws, no other business conducted, individual must be heard, 2/3 vote to expel member. 1 / 2

• nonparticipation policy - notice given within 30 days of eff

date, failure to vote in elections or purchase shares, obtain a loan or lend to FCU, once adopted members not participating may be expelled without a special meeting.

Areas of Risk Evaluation - ----Answers---Credit Liquidity Interest Rate Transactional Compliance Strategic Reputation

CAMEL Rating System - ----Answers---Capital adequacy Asset quality Management Earnings Liquidity & Asset Liability Management

Administrative Tools - NCUA - ----Answers---Examiner Findings Document of Resolution Letter of Understanding Cease and Desist Other Powers - Civil money penalty, prohibition orders, removal of officials

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