The Gramm-Leach Bliley Act

Question 1

When was the Gramm-Leach-liley Act (GLBA) enacted?

Answer 1

November 12, 1999

Question 2

Under the Consumer Financial Protection Bureau regulations, the GLBA is also known as?

Answer 2

Regulation P

Question 3

The GLBA does not protect information about…

Answer 3

• Companies
• Partnerships
• Limited Liability Companies
• Business Trusts
• Associations
• individuals who obtain financial products or services for business commercial, or agricultural purposes.

Question 4

The GLBA protects information about…

Answer 4

Personal, Family, or Household Services.

Question 5

is an individual who may have inquired about or applied for one or more of the institutions products or services but who has not established a contractual or formal agreement with the institution.

Answer 5

Consumer

Question 6

Is a consumer who has established a contractual or formal agreement with an institution.

Answer 6

Customer

Question 7

The GLBA requires a financial institution to provide the initial privacy notice no later than?

Answer 7

When an individual establishes a customer relationship with the institution.

Question 8

Under the GLBA how often must the privacy notice be provided to the customer?

Answer 8

Annually

Question 9

What are the three exceptions, also known as “permissible sharing agreements,” in which an institution may freely share consumers’ nonpublic personal info with nonaffiliated third parties, without providing the option to opt out.

Answer 9

• sharing with service providers and joint marketers
• Sharing with other entities in order to process and service consumer-authorized transactions.
• Sharing with other entities to facilitate the financial institutions business or to comply with legal requirements.

Question 10

In the event that the financial institution does share nonpublic personal info. with a nonaffiliated third party, it is required to provide a “reasonable method” for consumers to opt out and not have the institution share the information. Reasonable methods include:

Answer 10

1. A form with check boxes and mailing info.
2. An electronic means to opt out
3. A toll-free phone number

Question 11

If the financial institution meets the following requirements, it does not need to provide an annual privacy notice:

Answer 11

• Nonpublic personal info is not disclosed to nonaffiliated third parties.
• The annual privacy notice does not include an opt out under the FCRA.
• The privacy notice has not changed since the prior privacy notice.