Time to Bring Action Against a Reserve Bank

AB

The term "CRCM" likely refers to the Certified Regulatory Compliance Manager certification, which is offered by the American Bankers Association (ABA) and is designed to recognize expertise in regulatory compliance management for banks and financial institutions.

The question you have provided is related to the time limit for bringing an action against a Reserve Bank. In the United States, the Reserve Banks are part of the Federal Reserve System and serve as the operating arm of the Federal Reserve Board. The Federal Reserve System is responsible for implementing monetary policy, supervising and regulating banks, and providing services to depository institutions.

The correct answer to the question is A: Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years.

This time limit is based on the Federal Reserve Act, which provides that any action against the United States or any officer or employee thereof must be brought within two years after the cause of action first accrues. This applies to claims against Reserve Banks, as they are considered part of the federal government.

Option B and C are incorrect because they refer to warranties and guarantees on electronic items, which are not related to claims against Reserve Banks.

Option D is incorrect because the correct time limit for claims against Reserve Banks is two years, not three.

In summary, if someone wants to bring an action against a Reserve Bank for failure to act in good faith or exercise ordinary care, they must do so within two years after the cause of action first accrues. It is important to note that this time limit may vary for other types of claims or actions against different entities, and it is always advisable to consult with legal counsel for specific guidance on individual cases.