B2B: Privacy | Compliance Alliance

In what situations is it permissible for the bank to provide the privacy notice after the customer relationship has been established?

A. If the bank does not share NPPI with non-affiliates

Correct Incorrect Correct answer

B. If the consumer waives the right to receive the notice prior to account opening

Correct Incorrect Correct answer

C. If the customer relationship is established not by the customer’s choosing or election

Correct Incorrect Correct answer

D. Any of the above

Correct Incorrect Correct answer

Which of the following would be an acceptable practice on a joint account?

A. The bank provides the notice and opportunity to opt-out only to the primary account holder

Correct Incorrect Correct answer

B. The bank provides the notice and opt out to both account holders and applies the opt outs only if both account holders have opted out

Correct Incorrect Correct answer

C. The bank does not share NPPI for either account holder and does not provide the notice and opt out

Correct Incorrect Correct answer

D. The bank provides the notice and opt out only to the primary account holder and treats that customer’s opt out as effective for all account holders

Correct Incorrect Correct answer

Which of the following is NOT required in an annual privacy notice under Regulation P.

A. Categories of NPPI disclosed about former customers

Correct Incorrect Correct answer

B. Categories of affiliates with which the bank shares NPPI

Correct Incorrect Correct answer

C. A list of every third party the institution share information with.

Correct Incorrect Correct answer

D. Categories of NPPI the bank collects

Correct Incorrect Correct answer

Which of the must the bank do prior to disclosing NPPI to a new category of nonaffiliate, if the sharing does not fall within an exception to the opt out requirement?

A. Provide customers with a revised copy of the bank’s privacy notice

Correct Incorrect Correct answer

B. Provide the customer with a new opt-out

Correct Incorrect Correct answer

C. Allow the customer a reasonable time to opt out

Correct Incorrect Correct answer

D. All of the above

Correct Incorrect Correct answer

How long is a financial institution required to wait after delivering an opt-out notice before sharing non-public information?

A. A reasonable amount of time

Correct Incorrect Correct answer

B. 15 business days

Correct Incorrect Correct answer

C. 30 business days

Correct Incorrect Correct answer

D. The financial institution is prohibited from sharing the consumers non-public information without consent

Correct Incorrect Correct answer

What type of information is considered non-public personal information (NPPI) under Regulation P?

A. Aggregate, non-identifiable data collected for marketing purposes.

Correct Incorrect Correct answer

B. Personal data collected from a consumer’s social media post.

Correct Incorrect Correct answer

C. Consumer data collected from public records.

Correct Incorrect Correct answer

D. Information provided by the consumer to obtain a financial product or service.

Correct Incorrect Correct answer

If the bank receives information from a non-affiliate under the opt-out exception for disclosures that are necessary to complete a service or transaction requested by the customer (1016.14), it may –

A. Disclose the information as permitted by the bank’s own privacy policy

Correct Incorrect Correct answer

B. Disclose the information under that exception or the exception for legal requests (1016.15)

Correct Incorrect Correct answer

C. Not disclose that information to its own affiliates

Correct Incorrect Correct answer

D. Disclose the information as permitted by the bank’s own privacy policy, after providing the customer a copy of the privacy policy and an opportunity to opt out

Correct Incorrect Correct answer

Which type of sharing would require the bank to offer an opt out?

A. Sharing the information with a non-affiliate tax preparation service that wants to market its own services to the bank’s customers

Correct Incorrect Correct answer

B. Sharing the information with an affiliate tax preparation service that wants to market its own services to the bank’s customers

Correct Incorrect Correct answer

C. Disclosing the information to a marketing company that will use it to market the bank’s products to the customer

Correct Incorrect Correct answer

D. Disclosing the information to a non-affiliate that wants to use the information to market a credit card it is offering jointly with the bank

Correct Incorrect Correct answer

When creating a privacy notice under Regulation P, which of the following practices would ensure compliance with the content requirements?

A. Using a model form and tailoring by copying content from older versions of your privacy notice.

Correct Incorrect Correct answer

B. Using a model form and tailoring it to accurately reflect your bank’s current policies and practices.

Correct Incorrect Correct answer

C. Including generic language that broadly covers most financial institutions privacy policies to avoid being overly specific.

Correct Incorrect Correct answer

D. Compiling older versions of your privacy notice since they are most likely accurate.

Correct Incorrect Correct answer

In what situation is the bank exempt from the requirement to send an annual notice?

A. If the bank’s privacy policies have not changed since it last provided the notice and the bank does not engage in any sharing from which the customer may opt out

Correct Incorrect Correct answer

B. If the bank’s privacy policies have not changed and the customer has opted out of all sharing that is subject to an opt out

Correct Incorrect Correct answer

C. If changes to the bank’s privacy policy do not add any types of sharing from which the bank is required to offer an opt out.

Correct Incorrect Correct answer

D. If the bank maintains a website that customers can visit at any time to view the current privacy policy and exercise their opt out rights

Correct Incorrect Correct answer

Quiz for B2B: Privacy

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

Our Story

Our Services

Tools

Laws & Regulations

Media Center