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30 Jun 2024, 00:42
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With an affiliated institution: All circumstances
With a non-affiliated institution: Only if a customer has explicitly granted permission
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
(hard)
Question Stats:
54% (02:24) correct
46%
(02:30)
wrong
based on 2029
sessions
History
Date
Time
Result
Not Attempted Yet
The government of Nation X restricts how banks share customers' information with other institutions. For instance, unless a customer explicitly grants permission, no nonpublic information about the customer—e.g., account balances or credit history—can be shared with any non-affiliated institution. Furthermore, banks must allow customers to forbid the sharing of even publicly available information about them, such as listed telephone numbers, with non-affiliated institutions. The bank must honor any decision the customer makes in these cases; however, none of these restrictions limits the sharing of these types of information with any affiliated institutions. All sharing of information other than the types mentioned above is permitted—except that under no circumstances may customers' passwords be shared, even with affiliated institutions. The government of Nation X also requires that banks inform customers of all of these policies.
Select for With an affiliated institution the circumstances under which the government of Nation X allows a bank to share a customer's account balance with an affiliated institution and for With a non-affiliated institution the circumstances under which the government of Nation X allows a bank to share a customer's account balance with a non-affiliated institution. Make only two selections, one in each column.
Select for With an affiliated institution the circumstances under which the government of Nation X allows a bank to share a customer's account balance with an affiliated institution and for With a non-affiliated institution the circumstances under which the government of Nation X allows a bank to share a customer's account balance with a non-affiliated institution. Make only two selections, one in each column.
| With an affiliated institution | With a non-affiliated institution | |
| All circumstances | ||
| Upon informing the customer that it will | ||
| Only if a customer has not explicitly forbidden it | ||
| Only if a customer has explicitly granted permission | ||
| No circumstances |
ShowHide Answer
Official Answer
With an affiliated institution: All circumstances
With a non-affiliated institution: Only if a customer has explicitly granted permission
21 Jul 2024, 04:31
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LamboWalker
Many of these verbal TPAs play around with 'words' to change the goal poast and we require to be careful about it.
Type of information: Account balance, so non-public information.
Non-affiliated institution: The answer here lies in the second sentence - 'unless a customer explicitly grants permission, no nonpublic information about the customer—e.g., account balances or credit history—can be shared with any non-affiliated institution.'
The colored portion straight forward gives the answer.
Affiliated institution: Now, the answer here lies in the sentence - 'The bank must honor any decision the customer makes in these cases; however, none of these restrictions limits the sharing of these types of information with any affiliated institutions'
'The bank must honor any decision the customer makes in these cases' talks of taking customers approval for sharing even the public information with non-affiliated institutions.
The colored portion thereafter starts with word 'however', talking of a shift in policy while sharing the above listed information with affiliated institution, and tells us that there are no such restrictions when it comes to sharing the above listed information with affiliated institution. So, our answer has to be 'all circumstances' as per the colored portion.
Why the line 'The government of Nation X also requires that banks inform customers of all of these policies' is not to be considered while answering?
The statement just tells us that the bank should inform about their policies.
So, a customer comes, the bank tells or shares terms and conditions with the customer - " We will provide information to the non affiliated institution under condition A, B, etc. Next we do not have any restriction on sharing the information except your password with our affiliated institution. Please accept the terms and conditions". Next the customer accepts teh consitions and opens an account. Now, some affiliated institution seeks account details of that customer. The bank handsover teh information.
General Discussion
30 Jun 2024, 05:28
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The argument mentions "The government of Nation X also requires that banks inform customers of all of these policies." Hence the banks are required to share the information with an affiliated institution upon informing the customer that it will. Not so sure how come "All circumstances" is the correct answer here?
