Consumer Direction
Question
It means a direction by the consumer that the financial institution not discloses nonpublic personal information about the consumer to a non-affiliated third party, except as permitted by the regulation. What is it?
Answers
Explanations
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A. B. C. D.A
The acronym "CRCM" typically stands for "Consumer Right to Financial Privacy Act (CFR Part 716) Compliance Management." However, in this context, it appears to refer to a specific term related to the protection of consumer information.
The definition provided suggests that "CRCM" is a type of direction given by a consumer to a financial institution, requesting that the institution not disclose the consumer's nonpublic personal information to a third party that is not affiliated with the institution, except as allowed under relevant regulations.
Based on this definition, the correct answer to the question is A. Opt-out. An opt-out is a choice provided to consumers to request that their information not be shared with non-affiliated third parties.
Option B, re-disclosure, does not accurately describe the given definition of CRCM. Re-disclosure refers to the act of sharing previously disclosed information with a third party, which is not the same as the act of refraining from sharing information in the first place.
Option C, non-affiliated, refers to third parties that are not related to the financial institution. While this term is related to the definition of CRCM provided, it does not accurately describe the concept being asked about.
Option D, Both B and C, is incorrect because re-disclosure (Option B) is not an accurate description of the definition provided for CRCM.
Overall, the definition provided suggests that CRCM is a type of direction given by a consumer to a financial institution to opt-out of sharing their nonpublic personal information with non-affiliated third parties, except as permitted by relevant regulations.
