RIGHT TO FINANCIAL PRIVACY ACT Flashcards
The right to financial privacy act applies to:
All members of the CU, True or False
and
federal government authorities, but not state and local government authorities, True or False?
The two major requirements of the Right to Financial privacy act are the general prohibition against and the requirements.
a. if a member grants a federal agency permission to examine her financial recoreds, the permission from that she signs must include a provision for the financial compensation for any inconvenience to the member. True or False?
b. if a member authorizes the release of her records to a federal agency in writing, the 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 member can revoke the authorization. True or False?
a. CTRs, SARs, 1099s, and bankruptcy claims are exempt from RTFPA & may be disclosed to Uncle Sam. True or False?
b. if federal agents demand a member’s information under an exception to the RTFPA, the CU should make sure the release comes under an exeption (typically by contacting its attorney) before releasing the information. True or False?
If the CU recieves an adminstrative subpoena, the CU should not release any records until it reveives a certificate of compliance. True or False? The same would be true if the CU recieved a judicial subpoena. Yes or No?
If federal agents present the CU with a search warrant, the CU should release only the information described in the warrant. True or False?
a federal agency can reimburse a CU for expenses incurred when complying with the RTFPA under the federal reserve board’s regulation S. True or False?
Under the RTFPA, records must be retained forever. True or False?
