Healthcare & Financial Privacy Flashcards

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide customers with privacy notices and:

Answer: Implement a comprehensive information security program to safeguard customer financial information

The GLBA requires financial institutions to provide privacy notices and, under the Safeguards Rule, to develop and maintain a comprehensive written information security program.

The Fair Credit Reporting Act (FCRA) primarily governs:

Answer: The accuracy, fairness, and privacy of consumer credit reports and use of consumer report information

The FCRA regulates consumer reporting agencies and the use of consumer report information by furnishers and users of such reports.

Under the FCRA, what right does a consumer have when adverse action is taken based on information in a credit report?

Answer: The right to receive notice of the adverse action and the name of the consumer reporting agency that provided the report

The FCRA requires that when adverse action is taken based on a consumer report, the consumer must be notified and given the name of the reporting agency so they can access and dispute the report.

Under the GLBA's opt-out provision, consumers may prevent financial institutions from doing which of the following?

Answer: Sharing their nonpublic personal information with non-affiliated third parties for marketing purposes

The GLBA's opt-out right allows consumers to prevent financial institutions from sharing their nonpublic personal information with non-affiliated third parties.

The Right to Financial Privacy Act (RFPA) generally requires the federal government to do which of the following before accessing customer financial records from a bank?

Answer: Obtain customer authorization, serve an administrative subpoena, or obtain a court order or search warrant

The RFPA establishes procedural requirements the federal government must follow when seeking access to customers' financial records held by financial institutions.

Under the FCRA, consumer reporting agencies must investigate disputed information within:

Answer: 30 days (generally)

The FCRA generally requires consumer reporting agencies to complete reinvestigation of disputed information within 30 days of receiving the dispute.