6-D1/2 CONSUMER PRIVACY

Question 1

Consumer privacy protection laws

Answer 1

Fair Credit Reporting Act (FCRA)

Health Insurance Portability and Accountability Act (HIPAA)

Gramm-Leach-Bliley Act (GLBA)

Question 2

Fair Credit Reporting Act (FCRA)

Answer 2

Regulates how companies handle the personal and financial information that they collect from consumers

Question 3

Health Insurance Portability and Accountability Act (HIPAA)

Answer 3

Regulates how doctors, healthcare providers, and health insurers use their patients’ personal information

Question 4

Gramm-Leach-Bliley Act (GLBA)

Answer 4

● Removes the legal separation between banks, investment firms, and insurance companies
● Regulations protect “nonpublic personal information” (NPI) that these companies collect and share
● General rules govern how institutions handle sensitive financial information

Question 5

Nonpublic personal information

Answer 5

Private information gathered through personal or household financial transactions, which is associated with a specific, identified person

Question 6

Nonpublic personal information includes:

Answer 6

● Addresses
● Social security numbers
● Loan balances
● Payment histories, including payment for medical services
● The individual’s health information that is attached to financial transactions