Answer:
The Model Privacy Notice was introduced in 2010. The statement which is true about the notice is as follow:
- It was created following consumer testing to provide customers with a format that makes a bank's privacy practices more understandable and more easily compared with other bank's practices.
Explanation:
- The Model Privacy Notice is such a form that was created to tell the people that how your personal information is collected and share by the financial institutions.
- The statements like "It was mandatory for all financial service providers to use this Model effective 1/2011" and "Using the model does not provide a financial institution with a safe harbor" are false according to the Model Privacy Notice.
- Because the use of this model is not mandatory rather it is optional and it does provide safe harbor to the financial institutions.
