Initial Privacy Notice-12CFR332

question 375

Multiple Choice

Initial privacy notice-12CFR332.4; 12CFR40.4; 12 CFR 216.4; 12 CFR 573.4 says that:

• A) A notice must be given to a consumer before the institution discloses any nonpublic personal information about the consumer to a nonaffiliated third party, unless the disclosure is on the exempt list
• B) A notice is not required to be given to a consumer who is not a customer if the financial institution does not disclose any nonpublic personal information about the consumer to any nonaffiliated third party, other than as authorized by this regulation
• C) Only one notice is required to be provided on joint accounts. Therefore only one notice need to be provided to consumer loan customers even if there is more than one borrower and even if there is a separate guarantor
• D) All of these

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Definitions:

Unemployment Insurance

A government program that provides temporary financial assistance to workers who have lost their jobs through no fault of their own, aiming to reduce the financial burden of unemployment.

Job Search Effort

The time and resources that an individual devotes to finding employment.

Raises Unemployment

An action or event that leads to an increase in the number of unemployed individuals.

Frictional Unemployment

A form of unemployment that occurs when people are between jobs or are in the process of finding new jobs, usually reflecting short-term movement within the labor market.