ExamGecko
Question list
Search
Search

Related questions











Question 112 - CIPP-US discussion

Report
Export

Which of these organizations would be required to provide its customers with an annual privacy notice?

A.

The Four Winds Tribal College.

Answers
A.

The Four Winds Tribal College.

B.

The Golden Gavel Auction House.

Answers
B.

The Golden Gavel Auction House.

C.

The King County Savings and Loan.

Answers
C.

The King County Savings and Loan.

D.

The Breezy City Housing Commission.

Answers
D.

The Breezy City Housing Commission.

Suggested answer: C

Explanation:

The annual privacy notice requirement under the Gramm-Leach-Bliley Act (GLBA) applies to financial institutions that collect nonpublic personal information from customers and disclose it to nonaffiliated third parties, unless they qualify for an exception. A financial institution is any entity that engages in activities that are financial in nature or incidental to such activities, as defined by section 4(k) of the Bank Holding Company Act of 1956. The King County Savings and Loan is a financial institution under this definition, as it engages in lending money and accepting deposits. Therefore, it is required to provide its customers with an annual privacy notice, unless it meets the conditions for an exception. The Four Winds Tribal College, the Golden Gavel Auction House, and the Breezy City Housing Commission are not financial institutions under the GLBA, as they do not engage in activities that are financial in nature or incidental to such activities. Therefore, they are not required to provide their customers with an annual privacy notice under the GLBA.Reference:

Amendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act, section I. Background, paragraph 2.

17 CFR 248.5 - Annual privacy notice to customers required., paragraph (a) (1).

IAPP CIPP/US Study Guide, page 65.

asked 22/11/2024
Faizan Ahmed
39 questions
User
Your answer:
0 comments
Sorted by

Leave a comment first