Certified Regulatory Compliance Manager (CRCM) — Question 195

In _______________, Congress enacted restrictions on the way financial institutions disclose information on customers to third parties. The law also requires financial institutions to provide disclosures, both at the time of establishing the customer relationship and annually thereafter.

Answer options

Correct answer: C

Explanation

The correct answer is C, the Gramm-Leach-Billey Act of 1999, which specifically introduced privacy provisions for financial institutions. Options A, B, and D are incorrect as they either refer to different acts or incorrect years that do not align with the enactment of the privacy regulations regarding customer information disclosure.