Under the ____, 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) HIPAA
C) Gramm-Leach-Bliley Act
D) USA PATRIOT Act

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide a privacy notice to each consumer. The notice should explain what data about the consumer is gathered, with whom that data is shared, how the data is used, and how the data is protected. The GLBA is specifically focused on ensuring the privacy of consumers' financial information. The Fair Credit Reporting Act regulates the collection and use of credit report information, HIPAA protects the privacy of patients' health information, and the USA PATRIOT Act established anti-money laundering measures and increased surveillance of individuals and organizations suspected of terrorist activities.

Under the ____, Financial Institutions Must Provide a Privacy Notice