What information must be disclosed on the privacy notice?

What information must be disclosed on the privacy notice?

The Contents of the Privacy Notice Your notice must include, where it applies to you, the following information: Categories of information collected. For example, nonpublic personal information obtained from an application or a third party such as a consumer reporting agency. Categories of information disclosed.

What are exceptions to the opt out notice?

§ 1016.14 Exceptions to notice and opt out requirements for processing and servicing transactions. (3) A proposed or actual securitization, secondary market sale (including sales of servicing rights), or similar transaction related to a transaction of the consumer.

What are the four types of privacy notices?

The CCPA has many implications for businesses operating in California….You should inform consumers that they may access your notices in an alternative format if required.

  • Privacy Policy.
  • Notice at Collection.
  • Notice of the Right to Opt Out.
  • Notice of Financial Incentives.

What are the two types of privacy notices under the GLBA privacy Rule?

The GLBA’s privacy provisions mandate privacy notices and place limitations on the sharing of nonpublic personal information (NPI), defined as “personally identifiable financial information (i) provided by a consumer to a financial institution, (ii) resulting from a transaction or any service performed for the consumer …

What are examples of personal information?

Examples of personal information a person’s name, address, phone number or email address. a photograph of a person. a video recording of a person, whether CCTV or otherwise, for example, a recording of events in a classroom, at a train station, or at a family barbecue. a person’s salary, bank account or financial …

What information does GLBA protect?

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

What are the two exceptions to the Right to Financial Privacy Act?

Certain exceptions allow for delayed notice or no customer notice at all. Prior to passage of the act, bank customers were not informed that their personal financial records were being turned over to a government authority and could not challenge government access to the records.

How long does an opt out remain in effect?

The election of a consumer to opt out must be effective for a period of at least five years (the “opt out period”) beginning when the consumer’s opt out election is received and implemented, unless the consumer subsequently revokes the opt out in writing or, if the consumer agrees, electronically.

What are the two types of privacy notices?

There are three types of privacy notices defined in the regulations: an initial notice, an annual notice, and a revised notice.

What is included in the GLBA privacy notice?

Which of the following are examples of sensitive personal information?

Sensitive data is data that reveals a person’s race or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership and personal data concerning a person’s health and sex life. Data concerning health may for example comprise sick leave, pregnancy and doctor’s visits.

What information is sensitive?

Sensitive information is data that must be protected from unauthorized access to safeguard the privacy or security of an individual or organization.

What information is covered under GLBA?

This rule covers most personal information (name, date of birth, Social Security number, etc.) as well as transactional data (card, bank account numbers). It also covers private information you may acquire during a transaction (a credit report, for instance).

What is a GLBA violation?

What is not covered by the Right to Financial Privacy Act?

Examination Procedures NOTE: RFPA does not apply to prohibit or limit the FDIC’s disclosure of financial information to state authorities, including banking, law enforcement and other state agencies such as appraisal certification boards.

Which records are protected by the Right to Financial Privacy Act?

The Right to Financial Privacy Act of 1978 protects the confidentiality of personal financial records by creating a statutory Fourth Amendment protection for bank records.