Question

A requirement of the Gramm-Leach-Bliley Act is that privacy notices are provided to customers at two points during the customer relationship. When must privacy notices be provided?

Answer 1

According to the Gramm-Leach-Bliley Act, the privacy notices must be provided when

• At the time of account opening and annually unless certain conditions are met.

Step-by-step explanation:

• The Gramm-Leach-Bliley Act is such act that protect the privacy of the customer. This is a federal law that ask the financial institution about the way of share and protecting the private information of their customers.
• According to this act, the provided notices must be provided at the time of opening of account and annually unless certain conditions are met.