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Question 1 of 4

1. Question
PRIVACY POLICY DISCLOSURES

A borrower opens a new mortgage account with a financial institution. The institution does not share customer nonpublic personal information with outside companies.

What privacy disclosure obligation still applies?
- A) The institution is exempt from providing a privacy notice because no information is shared
- B) The institution must provide all customers with a privacy notice regardless of whether nonpublic personal information is shared
- C) The institution must provide a privacy notice only if requested by the borrower
- D) The institution must wait until the first annual review before providing the notice
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Question 2 of 4

2. Question
PRIVACY POLICY DISCLOSURES

A lender is establishing a new customer relationship but believes providing the privacy notice immediately would substantially delay the customer’s transaction.

When may the institution provide the initial privacy notice after the relationship is established?
- A) Only after the first annual account review
- B) Never, because the notice must always be provided before the transaction begins
- C) Within a reasonable time after the customer relationship is established if the customer agrees
- D) Only after obtaining approval from a federal regulator
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Question 3 of 4

3. Question
PRIVACY POLICY DISCLOSURES

A financial institution plans to share a borrower’s nonpublic personal information with a non-affiliated third party outside the permitted exceptions.

What must the institution generally provide before sharing the information?
- A) A mandatory arbitration disclosure only
- B) An opt-out notice, a reasonable method to opt out, and a reasonable amount of time to opt out before disclosure
- C) A copy of the borrower’s complete credit file
- D) Immediate disclosure without customer notification if the information is accurate
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Question 4 of 4

4. Question
PRIVACY POLICY DISCLOSURES

A consumer maintains a long-term relationship with a financial institution that continues for several years.

What ongoing disclosure requirement generally applies throughout the relationship?
- A) The institution must provide a new Loan Estimate every year
- B) The institution must obtain annual written authorization to maintain the account
- C) The institution must provide an annual notice containing the full privacy notice for as long as the customer relationship lasts
- D) The institution must resend the original credit application annually
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