Term
| Who enforces the GLB act? |
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Definition
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Term
| How much can you be fined for non-compliance with GLB? |
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Definition
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Term
| Is sponsored mailing okay under GLB? |
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Definition
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Term
| Where do lenders receive non-public information from? |
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Definition
1. The client's applications.
2. Information about transactions w/ the lender.
3. Info from consumer credit reporting agencies. |
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Term
| For how long does an "opt out" apply for third party notifications? |
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Definition
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Term
After a client inquiry, how long do you have to call?
After you have conducted business how long do you have to call? (under DNC rules) |
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Definition
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Term
| What form of delivery of GLB privacy notices is prohibited? |
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Definition
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Term
| When was the Red Flags Rule promulgated? |
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Definition
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Term
| What's the purpose of the Reg Flags Rule? |
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Definition
| to prevent identity theft. |
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Term
| What is the Reg Flags Rule enforced by? |
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Definition
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Term
| Who do the Red Flag Rules apply to and what do they require? |
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Definition
| Applies to financial institutions and creditors. Requires you to conduct a periodic risk assessment to determine if you have covered accounts. |
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Term
| What are the necessary steps for building a Red Flag Identification system? |
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Definition
Step 1: Identify relevant red flags.
Step 2: Establish procedure to detect red flags.
Step 3: Prevent and Mitigate Identity Theft
Step 4: Update your program routinely. |
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Term
(MC) What is not a purpose of FACTA?
A. To prevent ID theft?
B. Improve resolution of consumer disputes
C. Improve the accuracy of consumer records
D. Improve the processing time of credit reports |
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Definition
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Term
Which of the following is the primary purpose of the red flags rule?
A. Improve resolution of consumer disputes
B. Improve the processing time of credit reports.
C. Prevent ID theft.
D. Improve accuracy of consumer reports. |
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Definition
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Term
| Because Red Flags is Risk Based, your program must be appropriate to the _______ and _______ of your business or organization and the nature and scope of its activities. |
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Definition
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Term
| The potential patters, practices, or specific activities indicating the possibilty of identity theft are considered to be: |
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Definition
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Term
| Who enforces the Patriot Act? |
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Definition
| FinCEN the financial crimes enforcement network. |
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Term
| When are financial institutions permitted to share information with other financial institutions? |
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Definition
| For counter-terrorism purposes and for anti-money laundering activities. |
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