Gramm-Leach-Bliley Act

Under the Gramm-Leach-Bliley Act, which of the following is considered non-public information? A borrower's original balance of a mortgage loan A borrower's current loan balance The appraised value of a subject property The street address of the property a borrower intends to purchase

A borrower's current loan balance

The Initial Privacy Notice must be given in which of the following situations? Select all that apply. A customer no later than 3 business days of completed application A consumer before the institution discloses any non-public personal information about the consumer to any non-affiliated third party if applicable A customer no later than when a customer relationship is established A consumer no later than 3 business days of completed application

A consumer before the institution discloses any non-public personal information about the consumer to any non-affiliated third party if applicable A customer no later than when a customer relationship is established

Which of the following best describes the Safeguards Rule? A part of GLBA that requires a written policy in place to protect the lender from straw buyers A part of GLBA that requires the disclosure to consumers that pretexting and phishing are illegal A part of GLBA that requires a written policy in place to protect the consumer's right to opt-out of the sharing of personal information with other A part of GLBA that requires a written policy in place to protect a consumer's non-public personal information while it is in the institution's possession

A part of GLBA that requires a written policy in place to protect a consumer's non-public personal information while it is in the institution's possession

The Gramm-Leach-Bliley Act specifies that a consumer must be given _____________ to opt-out before personal financial information is disclosed to a third party. 30 days A reasonable opportunity Seven business days 90 days

A reasonable opportunity

Which of the following regulatory authorities regulates the Safeguards Rule? Consumer Financial Protection Bureau Fair Housing Administration Department of Treasury Federal Trade Commission

Federal Trade Commission

What does the acronym GLBA stand for? Gramm-Leach-Bliley Act Gramm-Leach-Binding Act Grand-Leach-Blindly Act Gramm-Lake-Bliley Act

Gramm-Leach-Bliley Act

Which of the following disclosures are required to be delivered to the borrower under Regulation P? Select all that apply. Semi-Annual Privacy Notice Pretexting Notice Initial Privacy Notice Annual Privacy Notice

Initial Privacy Notice Annual Privacy Notice

All of the following are disclosures included under Regulation P, except: Pretexting Protection Disclosure Opt-Out Disclosure Initial Privacy Policy Annual Privacy Policy

Pretexting Protection Disclosure

Which of the following are included under the Gramm-Leach Bliley Act? Regulation P and the Disposal Rule Regulation P and the Safeguards Rule The Safeguards Rule and the Red Flags Rule The Safeguards Rule and the Disposal Rule

Regulation P and the Safeguards Rule

Which of the following are required under the FTC Safeguards Rule? Select all that apply. Use of shredding machines are required to dispose of consumer's personal information Risk management for departments handling nonpublic information Written policy in place to protect consumer's nonpublic personal information At least one designated employee responsible for managing the policy

Risk management for departments handling nonpublic information Written policy in place to protect consumer's nonpublic personal information At least one designated employee responsible for managing the policy

Which of the following are examples of nonpublic personal information? Select all that apply. Social Security Numbers Mortgage Deed Current Mailing Address Bank Account Information

Social Security Numbers Bank Account Information

The Annual Privacy Notice contains an explanation of which of the following? Select all that apply. What information the institution gathers and where this information is shared Notice of right to opt out of information being shared and how to do so The risks of identity theft and how consumers can protect themselves How the institution safeguards the information that is gathered

What information the institution gathers and where this information is shared Notice of right to opt out of information being shared and how to do so

Which of the following best defines compliance officer? An individual put in place to enforce penalties and fines when federal laws are not followed An individual put in place to ensure a company is not participating in discriminatory lending practices An individual put in place to regulate Regulation H of the SAFE Act An individual put in place to make sure a company is following policies and procedures according to the law

An individual put in place to make sure a company is following policies and procedures according to the law

Which of the following best defines a customer? Anyone who obtains a financial product or service that is to be used primarily for personal, family, or household purposes Any consumer who has a continuing relationship with an institution for the purpose of providing a financial product or service Any consumer who no longer has a relationship with an institution for the purpose of providing a financial product or service Anyone who obtains a financial product or service that is to be used primarily for commercial or business purposes

Any consumer who has a continuing relationship with an institution for the purpose of providing a financial product or service

Which of the following best defines a consumer? Anyone who has a relationship with a financial institution for commercial or business purposes Anyone who has a relationship with a financial institution for personal, family, or household purposes Anyone who obtains a financial product or service that is to be used primarily for commercial or business purposes Anyone who obtains a financial product or service that is to be used primarily for personal, family, or household purposes

Anyone who obtains a financial product or service that is to be used primarily for personal, family, or household purposes

Which of the following best defines non-affiliated? Not closely associated with a mortgage process Not closely associated with a business referral Not closely associated with a business or corporation Not closely associated with a personal reference

Not closely associated with a business or corporation

Which of the following regulatory authorities regulates Regulation P? Department of Justice Federal Trade Commission Consumer Financial Protection Bureau Fair Housing Administration

Consumer Financial Protection Bureau

According to GLBA, financial institutions are required to disclose that the consumer has reasonable opportunity to opt out of allowing information to be shared on which of the following disclosures? The Annual Privacy Notice The Annual Privacy Notice and the Pretexting Disclosure The Initial Privacy Notice The Initial Privacy Notice and the Annual Privacy Notice

The Initial Privacy Notice and the Annual Privacy Notice

Which of the following best defines phishing? The act of obtaining someone's private, personal information under false pretenses The denial of a mortgage application when the borrower does not meet qualification guidelines The act of obtaining someone's permissible purpose under false pretenses The process that takes place once a mortgage application is approved and moves into underwritin

The act of obtaining someone's private, personal information under false pretenses

Which of the following best defines risk management? The process of identifying, evaluating and eliminating all risk for the borrower or a lender during a loan transaction The process of identifying and eliminating all risk for the borrower or a lender during a loan transaction The process of identifying, evaluating and denying a loan based on the risk for a lender during a loan transaction The process of identifying, evaluating and reducing the amount of risk for a borrower or a lender during a loan transaction

The process of identifying, evaluating and reducing the amount of risk for a borrower or a lender during a loan transaction