Fed Law Glba/do Not Call/hpa

Front 1

GLBA

Back 1

Gramm-Leach-Bliley Act

Front 2

What is the purpose of GLBA?

Back 2

To allow commercial banks and other financial companies, to offer multiple financial services under one roof.

Front 3

What does GLBA intend to protect?

Back 3

Consumers non-public personal info

Front 4

Examples of non public information:

Back 4

Drivers license, social security, bank account numbers

Front 5

Regulatory authority for GLBA:

Back 5

Most of GLBA is regulated by FTC, except Reg P under the CFPB.

Front 6

Customer:

Back 6

A consumer who has a continuing "transactional relationship" with a financial institution

Front 7

What is the Safeguards Rule?

Back 7

Written security plan that describes how the company plans to continue protecting consumers non public info.

Front 8

Safeguard Rule requires company plans to do what?

Back 8

Denote 1 employee to manage safeguards.

Risk management in handling non public info

Develop monitor and test a program to secure info.

Adapt and improve safeguards as needed.

Front 9

What regulation is associated with GLBA?

Back 9

Regulation P

Front 10

What does Regulation P require?

Back 10

Financial institutions to exercise certain conduct with relation to customers non public info.

Front 11

According the Regulation P, customers must be provided what?

Back 11

A notice about the privacy policies of a financial institution, and how their non public info is used by that institution.

Front 12

Which section of GLBA is regulated by CFPB?

Back 12

Regulation P - privacy policy, opt out, and pretexting rules

Front 13

initial privacy policy

Back 13

financial institutions must provide their privacy notice that explains what information the institute gathers, where info is shared, and how institutions safeguard info.

Front 14

Initial privacy notice must be given to:

Back 14

A customer no later than when relationship is established

A consumer before institution discloses any non public info about the consumer to any 3rd party.

Front 15

Throughout a customer relationship, institutions must provide a privacy notice when?

Back 15

Annually

Front 16

Annual privacy notice contains what?

Back 16

Same as initial privacy notice, contains info, notice of right to opt out, and explanation how to do so.

Front 17

Opt out

Back 17

Financial institutions are required to disclose to a consumer that they have the right to opt out.

Front 18

Opt out

Back 18

Financial institutions are required to disclose to a consumer that they have the right to opt out.

Front 19

What is opting out?

Back 19

prevention of non-public info from being shared with non-affiliated 3rd parties

Front 20

Opt out notice must be disclosed how?

Back 20

Must be in writing or in electric form, and must be provided to the consumer before their info is shared.

Front 21

What is the timeframe associated with the Opt Out Policy?

Back 21

There is no specific timeframe, just that it must be a reasonable period of time.

Front 22

What is Pretexting?

Back 22

Also known as phishing, is the act of obtaining a persons non public info without having authorization.

Front 23

What is the purpose of the Do Not Call Laws?

Back 23

put consumer in control of which phone calls they receive. telemarketers can only call from 8am-9pm

Front 24

Who regulates telemarketing calls made INTERSTATE? (National)

Back 24

FCC

Front 25

Who regulates telemarketing calls made INTERSTATE? (National)

Back 25

FTC

Front 26

Who regulates telemarketing calls for both INTERSTATE (national) and INTRASTATE (state-wide)

Back 26

FCC

Front 27

Who is covered under Do Not Call laws?

Back 27

Any telemarketing company, or individual, that uses solicitation to gain business

Front 28

Telephone Consumer Protection Act

Back 28

regulates conduct of telephone solicitations and sets certain standards.

Limits phone solicitation from 8am-9pm

Front 29

Do Not Call Improvement Act: (2007)

Back 29

consumers who register their phone number will remain in system forever, unless number is invalid, or consumer requests to be taken off.

Front 30

Do Not Call Improvement Act: (2007)

Back 30

consumers who register their phone number will remain in system forever, unless number is invalid, or consumer requests to be taken off.

Front 31

Under the Do Not Call Improvement Act, how long do telemarketers have to stop calling a registered number?

Back 31

Within 31 days of its registration into the do not call registry.

Front 32

True of false, cell phone numbers are automatically stored into the registry.

Back 32

True

Front 33

What are the fines for a Do Not Call violation?

Back 33

$16,000 per violation

Front 34

HPA

Back 34

Homeowners Protection Act (PMI cancellation act)

Front 35

HPA

Back 35

Homeowners Protection Act (PMI cancellation act)

Front 36

What is the purpose of HPA?

Back 36

Provides provisions that allow homeowners to cancel PMI coverage.

Also requires the return of unearned premiums and establishes notification requirements

Front 37

Who regulates the HPA?

Back 37

CFPB

Front 38

Which loans are covered under HPA?

Back 38

Conventional mortgage loans that exceed 80% LTV and where borrower is paying PMI

Front 39

What is the disclosure for HPA?

Back 39

Notice of Right to Cancel PMI

Front 40

What is the disclosure for HPA?

Back 40

Notice of Right to Cancel PMI

Front 41

When must the notice of right to cancel PMI be provided?

Back 41

at the time of closing for conventional loans over 80% LTV

Front 42

What is the disclosure for HPA?

Back 42

Notice of Right to Cancel PMI

Front 43

When must the notice of right to cancel PMI be provided?

Back 43

at the time of closing for conventional loans over 80% LTV

Front 44

What is on the Notice of Right to Cancel PMI?

Back 44

Educates the borrower on how PMI may be cancelled upon request or automatically.

Front 45

When must lender/servicer automatically terminate the PMI?

Back 45

When the loans PRINCIPAL BALANCE reaches 78% of ORIGINAL VALUE

Front 46

What conditions must be met for a borrower to request termination of PMI?

Back 46

Principal balance reaches 80% of original value.

Borrower has a good payment history

Borrowers property has not declined below original value, and that equity is not subject to subordinate lien.

Front 47

What are the penalties for violations under HPA?

Back 47

not to exceed $2000. BORROWER must bring action within 2 years of discovering action

Front 48

Even though this loan requires MIP, it is not covered under HPA. what loan is this?

Back 48

FHA Loan