When may a financial institution share consumer information with non-affiliated third parties for marketing purposes?

When may a financial institution share consumer information with non-affiliated third parties for marketing purposes?
A . After disclosing information-sharing practices to customers and after giving them an opportunity to opt in.
B . After disclosing marketing practices to customers and after giving them an opportunity to opt in.
C . After disclosing information-sharing practices to customers and after giving them an opportunity to opt out.
D . After disclosing marketing practices to customers and after giving them an opportunity to opt out.

View Answer

Answer: C

Explanation:

https://www.ftc.gov/business-guidance/resources/how-comply-privacy-consumer-financial-

information-rule-gramm-leach-bliley-act "If you share their NPI with nonaffiliated third parties outside of three exceptions (see "Exceptions"), you must give your consumers and customers an "opt-out notice" that clearly and conspicuously describes their right to opt out of the information being shared. An opt-out notice must be delivered with a privacy notice, and it can be part of the privacy notice."

Reference: https://www.ftc.gov/tips-advice/business-center/guidance/how-comply-privacy-consumer-financial-information-rule-gramm