CIPP/US EXAM QUESTIONS WITH CORRECT ANSWERS- LATEST UPDATE 2024

CIPP/US EXAM QUESTIONS WITH CORRECT ANSWERS- LATEST UPDATE 2024 What are 5 elements that must be in a security program under GLBA - Answer-1. Designate an employee to coordinate the safeguards 2. Identify and assess the risks to customer information in each relevant area of the company's operation and evaluate the effectiveness of the current safeguards for controlling those risks 3. Design and implement a safeguard program and regularly monitor and test it 4. Select appropriate service providers and enter into agreements with them to implement safeguards Evaluate and adjust the program in light of relevant circumstances, including changes in business arrangements or operations, or the results of testing and monitoring of safeguards Explain how the California Financial Information Privacy Act affects GLBA - Answer-The Act increases the disclosure requirements, expands protections to Consumers and increases fines for violations. Opt-in Provisions must be in a form entitled "Important Privacy Choices for Consumers." What Act created the CFPB - Answer-Dodd Frank What does the CFPB do? - Answer-"The CFPB oversees the relationship between consumers and providers of financial products and services. It holds broad authority to examine, write regulations and bring enforcement actions concerning businesses that provide financial products or services, including service providers. To which institutions does the CFPB apply? - Answer-All non-depository institutions and depository institutions over 10Billion What innovation did the CFPB legislation bring about? - Answer-"The CFPB also can now bring enforcement actions for unfairness and deception." How is the FCRA enforced? - Answer-THe FTC, CFPB and state ag's enforce the FCRA by private right of action, dispute resolution and government actions