Which of the Following Is True Regarding the Gramm-Leach-Bliley Financial

question 21

Multiple Choice

Which of the following is true regarding the Gramm-Leach-Bliley Financial Modernization Act?

• A) It requires that financial institutions provide privacy protections to consumers, that customers be given notice before the sharing of personal information with other entities occurs, and that customers be given the right to opt out of disclosures to third parties.
• B) It requires that financial institutions provide privacy protections to consumers and that customers be given notice before the sharing of personal information with other entities occurs, but not that customers be given the right to opt out of disclosures to third parties.
• C) It requires that financial institutions avoid giving out specific information about the amount of funds in customer accounts, but other customer information may be given to third parties without providing customer notification.
• D) It addresses the amount of financial reserves a bank must hold and bank lending practices, but it does not address customer privacy concerns.

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Definitions:

Consensus

A general agreement among members of a specific group or community.

Glass Ceiling

A transparent barrier that keeps women from rising above a certain level in organizations.

Transparent Barrier

Often metaphorical barriers that are not visibly obvious but impede progress or communication, such as unspoken social norms or prejudices.

Glass Ceiling

An invisible barrier preventing minorities and women from rising to upper echelons of power or leadership in an organization despite their qualifications.