Question

Which act requires that financial institutions must provide a privacy notice to each consumer that explains what data about the consumer is gathered, with whom that data is shared, how the data is used, and how the data is protected?

Answer 1

Answer:

Gramm-Leach-Bliley Act

Explanation:

Under the Gramm-Leach-Bliley Act, financial institutions must provide a privacy notice to each consumer that explains what data about the consumer is gathered, with whom that data is shared, how the data is used and how the data is protected.

The law stipulates that for any consumer with a financial institution, the financial institution should make provision of a privacy notice. This privacy notice outlines in explicit details the following; what data about the consumer is gathered, with whom that data is shared, how the data is used and how the data is protected.

This was done in order to protect the consumer right and the right of the financial institution.