Five-Star Bank has certain obligations with respect to consumer data and privacy under
A)Article E of the Uniform Commercial Code.
B)the Electronic Fund Transfer Act.
C)the Federal Trade Commission Act.
D)the Financial Services Modernization Act.

Question

Quizplus · Accepted Answer

The Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, requires financial institutions to protect the privacy of consumers' personal information. This includes providing notice of their privacy policies and giving consumers the option to opt-out of sharing their information with certain third parties. Therefore, Five-Star Bank's obligations with respect to consumer data and privacy are governed by this act. The other options (A, B, and C) are not as relevant to this particular issue.

Five-Star Bank Has Certain Obligations with Respect to Consumer Data