Continuing education quiz.

• Author: Bernstel, Janet Bigham
• Position: Compliance Officer

Your Compliance Officer: Friend or Foe?

by Janet Bigham Bernstel

1. For the smoothest relationship with the compliance department, the marketing department needs to:

   [] Involve compliance at the campaign's beginning.

   [] Maintain a strict adversarial relationship.

   [] Push the campaign through on schedule, even if it means bypassing compliance.

2. The marketing department should expect all of the following from compliance department except for:

   [] Timely responses.

   [] General training on compliance issues.

   [] Saying "No" without giving an alternative.

   [] Prompt updates on changes in compliance regulations.

   Getting the Most From Your CRM by Tanja Lian Sablosky

3. Before you introduce CRM at your bank, you need to:

   [] Conduct a customer survey.

   [] Have a sales culture in place.

   [] Start with a system in the operations area only.

   [] Introduce a system in the commercial area only.

4. All of the following are needed for optimal CRM utilization except

   [] Involvement by top management.

   [] Dedicated staff members with CRM experience to handle implementation.

   [] Training and buy-in throughout all departments.

   [] Short, enforceable timelines for achieving observable results.

   The Taxing Part about 'Free' Gifts by Jennifer McCollough, and Cheryl Riedlinger

5. Free gifts to customers in connection with a deposit of less than $5,000 do not have to be reported to the IRS on Form 1099-INT if the gift is:

   [] Cash.

   [] Noncash.

   [] Noncash and costs less than $10.

   [] Noncash and costs more than $10.

6. For IRS purposes, the bank should report the value of the gift based on:

   [] What the bank pays for it.

   [] The manufacturer's suggested retail price.

   [] The item's resale value.

   [] The difference between the fair market value and what the bank pays for it.

7. If the bank gives both cash and a noncash gift, and neither one by itself qualifies for IRS reporting, bank must report:

   [] The cash gift, but not the noncash one.

   [] The noncash gift, but not the cash one.

   [] Both if, when combined, they exceed the reporting threshold

   [] Neither one.

   'Tis the Season

   by Jim Monteleone

8. The period of...