GLBA and MARS Rule Worksheet

According to the GLBA, what is the main purpose of the Safeguard Rules?

• To protect the confidentiality and integrity of personal consumer information

• To allow sharing of customer information with affiliates

• To prohibit the use of false pretenses

• To collect non-public information

Which of the following is NOT a requirement of the Written Safeguards Policy under the GLBA?

• Ensure security and confidentiality

• Protect against anticipated threats or hazards

• Allow unauthorized access for convenience

• Protect against unauthorized access that could harm or inconvenience consumers

The reason we must put in 'security questions' (i.e. mother's maiden name, etc.) is to prevent others from _______ to be you and accessing your information.

• pretending

• forgetting

• refusing

• agreeing

The GLBA prohibits the use of false pretenses, including fraudulent statements and impersonation, to obtain consumers' personal financial information.

• True

• False

What right do customers have under the Financial Privacy Rule of the GLBA?

• The right to unlimited sharing of their information

• The right to 'opt-out' and limit some sharing of their information

• The right to avoid privacy notices

• The right to impersonate others

According to the GLBA, a 'consumer' is someone who obtains a specific product or service for ______ use.

• personal

• commercial

• governmental

• educational

How often must customers receive a financial institution's privacy notice according to the GLBA?

• Every month

• Every year for as long as the customer relationship lasts

• Only once at account opening

• Every five years

Under the MARS Rule, when may fees be collected from a customer?

• Before a written agreement is delivered

• After a written agreement from the lender has been delivered to and accepted by the customer

• At any time

• Only after foreclosure

Under the MARS Rule, the negotiator can advise borrowers to stop making mortgage payments.

• True

• False

List one thing the negotiator cannot do under the MARS Rule.

• Make a binding decision

• Mediate between parties

• Suggest possible solutions

• Facilitate communication