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Exam CIPP-US topic 1 question 51 discussion

Actual exam question from IAPP's CIPP-US
Question #: 51
Topic #: 1
[All CIPP-US Questions]

Which of the following is an important implication of the Dodd-Frank Wall Street Reform and Consumer Protection Act?

  • A. Financial institutions must avoid collecting a customer’s sensitive personal information
  • B. Financial institutions must help ensure a customer’s understanding of products and services
  • C. Financial institutions must use a prescribed level of encryption for most types of customer records
  • D. Financial institutions must cease sending e-mails and other forms of advertising to customers who opt out of direct marketing
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Suggested Answer: B 🗳️
by Bhimesh at April 10, 2024, 2:39 p.m.

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Bhimesh
7 months, 2 weeks ago
Selected Answer: B
Dodd-Frank Wall Street Reform and Consumer Protection Act Abusive practices are defined by Dodd–Frank and enforceable by the CFPB. An abusive practice is any act that “materially interferes with the ability of a consumer to understand a term or condition of a consumer financial product or service.” Practices are also considered abusive if they exploit consumer misunderstanding, consumers who are unable to understand the terms, or a consumer relying on a third‐party who may be exploiting them.
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