Exclusions

D

The term "CRCM" usually stands for "Certified Regulatory Compliance Manager," which is a certification offered by the Institute of Certified Bankers (ICB) for professionals working in the financial services industry. However, without additional context or information, it is difficult to provide a specific answer to the question.

Assuming that the question is related to the regulation of insurance sales by banks, it is likely referring to the "Interagency Statement on Retail Sales of Nondeposit Investment Products" (the "Statement"), which was issued jointly by five federal regulatory agencies in 1994. The Statement outlines the regulatory expectations for banks selling insurance and other investment products to retail customers.

Based on the provided answers, the correct response appears to be (A) "All banks regardless of insurance sales," as the Statement applies to banks that sell nondeposit investment products to retail customers, which includes insurance products. Therefore, banks that do not sell insurance would not be subject to the regulation.

The other options in the answer choices are all related to the sale of insurance products by banks, and the Statement provides guidance on how these activities should be conducted. Specifically:

• (B) "A lender who indicates to the consumer that he or she is selling insurance on behalf of the bank" would be covered by the regulation, as this person is acting on behalf of the bank to sell insurance to retail customers.
• (C) "A person to whom the bank refers consumers and who has a contract with the bank to receive commissions on sales of insurance" would also be covered, as this person is receiving compensation for selling insurance to bank customers.
• (D) "A person who sells insurance to nonconsumers for other than personal, family, or household purposes" is not relevant to the regulation, as the Statement only applies to retail sales of nondeposit investment products. Nonconsumers, or entities that are not individuals, are not considered retail customers under the regulation.

In summary, the correct answer to the question is (A) "All banks regardless of insurance sales," as the regulation only applies to banks that sell nondeposit investment products, including insurance, to retail customers.