Yr10 Business - Term 3: Homework Week 1

What was the fine imposed on National Australia Bank for breaches of the data-sharing scheme?

• $500,000

• $750,000

• $751,200

• $1,000,000

Which organization issued infringement notices to National Australia Bank?

• Australian Prudential Regulation Authority

• Australian Competition and Consumer Commission

• Australian Securities and Investments Commission

• Reserve Bank of Australia

What is the purpose of the Consumer Data Right (CDR) scheme?

• To promote international trade

• To reduce taxes for banks

• To allow consumers to safely transfer their data

• To increase bank profits

When did the Consumer Data Right system begin in the banking sector?

• Mid-2020

• Mid-2021

• Mid-2019

• Mid-2018

What was the main issue with NAB's data-sharing practices?

• Inaccurate disclosure of credit limit data

• Delayed transaction processing

• High service fees

• Unauthorized access to customer accounts

How many data requests were made using the CDR system in the second half of 2024?

• 600 million

• 582 million

• 500 million

• 700 million

What did NAB call the data requirements of the CDR?

• Simple

• Complex

• Unnecessary

• Outdated

Which sector was added to the CDR system in late-2022?

• Telecommunications

• Healthcare

• Retail

• Energy

What is one benefit of the CDR for consumers?

• Easier price comparisons

• Higher interest rates

• Longer loan terms

• Increased bank fees

What did NAB do in response to the ACCC's review?

• Co-operated and resolved the issues

• Filed a lawsuit

• Denied any wrongdoing

• Ignored the review