Right To Fianancial Privacy Act

Question 1

The right to financial privacy act applies to all members of the credit union

Answer 1

True

Question 2

Federal government authorities, but not state and local government authorities

Answer 2

True

Question 3

If a member grants a federal agency permission to examine her financial records, the permission form that she signs must include a provision for financial compensation for any inconvenience to the member

Answer 3

False

Question 4

If a member authorizes the release of her records to a federal agency in writing a statement must specify the purpose for the release of information, the name of the agency to receive the information, and that the member has the right to receive a copy of the records that are released. Additionally, the members can revoke the authorization

Answer 4

True

Question 5

CTRs, SARs, 1099’s in the bankruptcy claims are exempt from the RTFPA & may be disclosed to Uncle Sam

Answer 5

True

Question 6

If Federal agents Demand a members information under an exemption to the RTFPA, the credit union should make sure the release comes under an exemption typically by contacting his attorney before releasing the information

Answer 6

True

Question 7

If the credit union receives and administrative subpoena, the credit union should not release any records until it receives a certificate of compliance

Answer 7

True

Question 8

The same would be true if the credit union receives a judicial subpoena 

Answer 8

True

Question 9

If Federal agents present the credit union with a search warrant the credit union should release only the information described in the warrant

Answer 9

True

Question 10

A federal agency can reimburse a credit union for expenses incurred when complying with the RTFPA under the federal reserve board’s regulation

Answer 10

True

Question 11

Under the RTFPA records must be retained forever

Answer 11

True