Right to Financial Privacy Act Flashcards
T or F
The Right to Financial Privacy Act applies to all members of the credit union.
False
T or F
The Right to Financial Privacy Act applies to federal government authorities, but not state and local government authorities.
True
The two major requirements of the Right to Financial Privacy Act are the General Prohibition against ____ and the _______ requirements.
Disclosure and record keeping
T or F
If a member grants a federal agency permission to examine her financial records, the permission form that she signs must include a provision for financial compensation for any inconvenience to the member.
False
T or F
If a member authorizes the release of her records to a federal agency in writing, the statements must specify the purpose for the release of information, the name of the agency to receive the information, and that the member has the right to receive a copy of the records that are released. Additionally, the member can revoke the authorization.
True
T or F
CTRs, SARs, 1099s and bankruptcy claims are exempt from the RTFPA and may be disclosed to Uncle Sam
True
T or F
If federal agents demand a member’s information under an exception to the RTFPA, the credit union should make sure the release comes under an exception (typically by contacting its attorney) before releasing the information.
True
T or F
If the credit union receives an administrative subpoena, and the credit union should not release any records until it receives a certificate of compliance. The same would be true if the CU received a judicial subpoena.
True/Yes
T or F
If federal agents present the credit union with a search warrant, the credit union should release only the information described in the warrant.
True
T or F
A federal agency can reimburse a credit union for expenses incurred when complying with a RTFPA under the Federal Reserve Board’s Regulation S
True
T or F
Under the RTFPA records must be retained forever.
True
