Which of the following is true about federal protection of the privacy of information about you held by banks,insurance companies,stock brokers,and credit card companies?

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act requires financial institutions to disclose to consumers any non-public information they wish to reveal to third parties and to allow consumers to deny permission, or opt out. This act provides some level of protection for the privacy of information about you held by banks, insurance companies, stock brokers, and credit card companies. Option A is incorrect because the federal government does offer protection for the privacy of information. Option B is partially correct, as the Truth in Savings Act provides some protections for information held by financial institutions or insurance companies, but it is not as comprehensive as the Gramm-Leach-Bliley Act. Option D is incorrect because the 1999 statute referred to in the option was superseded by the Gramm-Leach-Bliley Act.

Which of the Following Is True About Federal Protection of the Privacy