Question

Under the (GLBA) privacy rule, why is it important to differentiate between a consumer and a customer?

A. Only consumers receive a financial institution's privacy notice automaticallyB. Only consumers have any privacy rights under the lawC. Only consumers can opt outD. Only customers receive a financial institution privacy notice automatically

Answer 1

D. Only customers receive a financial institution privacy notice automatically

Step-by-step explanation:

Let us take an illustration of all the points, primarily A is inaccurate because simply customers acquire a financial institution's privacy note directly. B and C are unreliable because, depending on the bank's privacy practices, both consumers and customers may have rights under the law and be able to opt-out. So, the answer will be D as we know that, the Privacy Rule demands thou to provide a note to each of your "customers" regarding your privacy systems.