What constitutes 'nonpublic personal information' under the Gramm-Leach-Bliley Act?
Correct Answer
C) Personally identifiable financial information that is not publicly available
Under GLBA, nonpublic personal information includes personally identifiable financial information that a financial institution collects about consumers in connection with providing financial products or services, excluding information that is publicly available.
Why This Is the Correct Answer
Under GLBA, nonpublic personal information includes personally identifiable financial information that a financial institution collects about consumers in connection with providing financial products or services, excluding information that is publicly available.
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 mortgage advertisement states 'Only $1,200 per month!' without providing additional disclosures. Under TILA, this statement is considered:
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A lender discovers that a property securing a federally backed loan is located in a newly designated Special Flood Hazard Area. How long does the borrower have to obtain flood insurance?