Module 8: Fed Privacy Protection and Consumer Id Laws

Question 1

Define FCRA

Answer 1

Fair Credit Reporting Act, Regulation V

• Fed law dealing with granting of credit
• Access to credit info
• Rights of debtors
• Responsibilities of creditors

Question 2

Define FACTA

Answer 2

Fair and Accurate Credit Transactions Act

• Fight Identity Theft
• Focus on accuracy, privacy, limit info sharing

Question 3

Define Red Flags Rule

Answer 3

Section 114 of FACTA

- Financial institutions must implement red flags to detect and prevent against identity theft.

Question 4

Define GLB Act

Answer 4

Gramm-Leach-Bliley Act

- Gives authority to FTC to enforce Title V(Privacy)

Question 5

What are the three provisions of GLB Act

Answer 5

1. Financial Privacy Rule
2. Safeguards Rule
3. Pretexting Provisions

Question 6

What is the purpose of the Financial Privacy Rule?

Answer 6

Governs the collection and disclosure of customers’ personal financial information known as nonpublic personal information

Question 7

What is the purpose of the Safeguards Rule?

Answer 7

Requires financial institutions to design, implement, maintain safeguards to protect customer info

Question 8

What is the purpose of the Pretexting Provision?

Answer 8

Protects consumers from individuals and companies that obtain their personal financial info under false pretenses.

Question 9

When can a telemarketer make a call to someone on the Do Not Call Registry?

Answer 9

if there is an EBR (Established Business Relationship) a seller may contact consumer for:

• 18 months after the consumers last purchase, delivery, or payment.
• 3 months after consumer makes an inquiry.

Question 10

How often is the Do Not Call list updated?

Answer 10

• Every 31 days.

- Records of update must be maintained for 24 months.