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Exam CRCM topic 1 question 216 discussion

Actual exam question from ABA's CRCM
Question #: 216
Topic #: 1
[All CRCM Questions]

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

  • A. Be clear and conspicuous
  • B. State that a privacy notice is available on request
  • C. Explain a reasonable means by which the consumer may obtain that notice Reasonable
  • D. May be disclosed to the affiliates
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Suggested Answer: ABC 🗳️

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Dex24
6 months, 1 week ago
The actual question is wrong. This is what the book says: Short-form initial notice with opt-out option A financial institution may provide a consumer who is not a customer with a short form initial notice at the same time as it delivers an opt-out notice. The short form not
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Cam22
8 months, 3 weeks ago
Selected Answer: A
The short form initial notice provided by a financial institution must indeed be clear and conspicuous to ensure that the customer can easily understand the information being presented. This helps ensure transparency and effective communication about privacy policies. While options B and C are components of the initial notice, they are not specific to the short form initial notice. Option D is incorrect as short form notices are not disclosed to affiliates but are provided directly to customers.
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A (35%)
C (25%)
B (20%)
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