Which act requires that financial institutions must provide a privacy notice to each consumer that explains what data about the consumer is gathered, with whom that data is shared, how the data is used, and how the data is protected?
A)Fair Credit Reporting Act
B)Health Insurance Portability and Accountability Act
C)Gramm-Leach-Bliley Act
D)USA PATRIOT Act

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act requires financial institutions to provide consumers with a privacy notice that includes information about what data is collected, how it is used, with whom it is shared, and how it is protected. The Fair Credit Reporting Act pertains to credit reporting agencies, the Health Insurance Portability and Accountability Act pertains to healthcare providers, and the USA PATRIOT Act pertains to anti-terrorism measures.

Which Act Requires That Financial Institutions Must Provide a Privacy