A mortgage company's website uses cookies to track visitors' browsing behavior across multiple sessions. A visitor has not yet applied for a loan but has used the mortgage calculator several times. Under GLBA, this tracking data is considered:
Correct Answer
C) Personal information but not subject to sharing restrictions until a customer relationship exists
Under GLBA, the Act's sharing restrictions and privacy notice requirements generally apply to 'customers' and 'consumers' who have established relationships with the financial institution. Website tracking of non-customers may be personal information but doesn't trigger the same GLBA obligations as information from customers, though other privacy laws may apply.
Why This Is the Correct Answer
Under GLBA, the Act's sharing restrictions and privacy notice requirements generally apply to 'customers' and 'consumers' who have established relationships with the financial institution. Website tracking of non-customers may be personal information but doesn't trigger the same GLBA obligations as information from customers, though other privacy laws may apply.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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A borrower submits a mortgage application on Monday and receives an adverse action notice on Friday of the same week. The notice states the decision was based on 'insufficient credit history' but doesn't mention that a credit report was obtained. This notice violates FCRA because:
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A lender provides electronic TILA disclosures for a refinance transaction through their secure online portal. The borrower logs in and views the disclosures on Tuesday but doesn't print or download them. When does the rescission period begin?