Otherwise known as GLBA, Gramm-leach-Billey Act is a financial modernization act in the US, set to control how financial institutions deal with the private information of clients. How much do you know about this federal law? Find out below.
True
False
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An individual that spends a lot of money.
An individual who obtains financial products or services from a financial institution to be used primarily for personal, family, or household purposes.
An individual that has not yet applied for a line of credit.
None of the above.
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True
False
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Provided to consumers in writing or electronic form.
Posted on the wall at the financial institution.
Verbally given to the consumer or customer.
Given to consumer or customer upon request.
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To insure the security and confidentiality of customer records and information.
To protect against any anticipated threats or hazards to the security or integrity of such records.
To protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.
All of the above.
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Financial institutions
The status of consumers’ financial institution accounts.
Consumers’ personal financial information held by financial institutions.
None of the above.
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Information provided by a consumer to a financial institution.
Information resulting from any transaction with the consumer or any service performed for the consumer.
Information otherwise obtained by the financial institution.
All of the above.
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At the time of establishing a customer relationship with a consumer.
No less than once annually.
Once annually for the continuation of the customer relationship.
All of the above.
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The Fair Debt Collections Practices Act.
The Federal functional regulators, the State insurance authorities, and the Trade Commission.
The consumer lending institutions.
None of the above.
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