The Model Privacy notice was introduced in 2010. Which statement about the notice is true?

Question

Cynthia Chung

Business

7 April, 06:24

The Model Privacy notice was introduced in 2010. Which statement about the notice is true?

+4

Answers (1)

Know the Answer?

Kamora Malone · Answer 1

The Model Privacy Notice was introduced in 2010. The statement which is true about the notice is as follow:

It was created following consumer testing to provide customers with a format that makes a bank's privacy practices more understandable and more easily compared with other bank's practices.

Explanation:

The Model Privacy Notice is such a form that was created to tell the people that how your personal information is collected and share by the financial institutions. The statements like "It was mandatory for all financial service providers to use this Model effective 1/2011" and "Using the model does not provide a financial institution with a safe harbor" are false according to the Model Privacy Notice. Because the use of this model is not mandatory rather it is optional and it does provide safe harbor to the financial institutions.