Gramm Leach Bliley Act

Question 1

Safeguarding

Answer 1

• it’s a policy that companies must have on how they are gong to keep consumer credit card and personal information safe.

Question 2

Pretexting -

Answer 2

keeps others from gaining access to your information under false pretenses “pretenders”. Keeps others out of your accounts by pretending to be you for ex putting in the code wrong several times will require personal info verification.

Question 3

Financial Privacy -

Answer 3

governs the collection of non-public information and how its shared with affiliates and they have to give you the opportunity to opt-in and opt-out

Question 4

US Patriot Act requires lenders to verify what?

Answer 4

Lenders are required to verify that date of birth, ssn (or other form) and ethnicity

Question 5

Do Not Call (DNC) -

Answer 5

allows consumers to file complaints with FTC. Anyone that offer or sell goods (including loan originators) must check the list ever 31 days and delete from their call list, those phone numbers on the registry.

Question 6

How often is the national DNC list updated?

Answer 6

National list is updated every 3 months or 90 days

Question 7

What are the fines for violating DNC?

Answer 7

Fines up to $16k per incident

Question 8

How often are companies supposed to update their internal DNC list?

Answer 8

Internal list - companies must update theirs every 30 days

Question 9

How long can a company call someone on the do not call list when there is an established business relationship (ebr)?

Answer 9

for 18 months after a completed transaction or 3 months/90 days after an inquiry