Correct Answer: why Ottawa should set a firm date for open banking
Passage Reference: We believe these rules are overdue, and we think a firm start date must be part of them
Why this is correct: Early in the editorial, the paper says the rules are overdue and a firm start date must be part of them. It ends by urging Ottawa to set that date.
Tips: Read the last sentence of the first paragraph and the first sentence of the last one. Both show what the writers want the government to do.
Why the other options are wrong:
- why banks should stop charging fees on basic accounts: Bank fees are mentioned only as something customers want to compare. The editorial does not argue that fees on basic accounts should stop.
- why small credit unions should merge with national banks: Credit unions are asking for funding and time, and nobody suggests they merge with national banks.
- why customers should stop sharing data with financial apps: The editorial wants customers to share data with apps safely, through secure connections, not to stop sharing it.
Correct Answer: Imelda Johal
Passage Reference: told a Senate committee that password sharing is the real danger today
Why this is correct: Johal told a Senate committee that password sharing is the real danger today, which is the way apps are linked right now.
Tips: Read each speaker’s lines and ask whether the danger they describe is happening now or could happen later. Then match that to the question.
Why the other options are wrong:
- Harold Marinescu: Marinescu warns about what a rushed deadline would do in the future. Marinescu does not say today’s method is the main danger.
- Greta Pemberton: Pemberton talks about her small team’s ability to build new systems, not about risk to customers today.
- Owen Nyberg: Nyberg wants the public to see breach and revocation figures. Nyberg does not say the current way of linking apps is the danger.
Correct Answer: a finding that no rule yet says who repays victims of data theft
Passage Reference: before anyone has settled who repays a customer when stolen data is misused
Why this is correct: Marinescu warns that fraud could grow before anyone has settled who repays a customer. A finding that no such refund rule exists yet would support him.
Tips: First read why Marinescu is worried. Then pick the fact that would prove that worry is real.
Why the other options are wrong:
- a finding that password sharing already exposes millions of accounts: Password sharing exposing accounts is Johal’s argument for moving now, so it supports her side, not Marinescu’s.
- a finding that app users report less fraud than other customers: Less fraud among app users would weaken Marinescu’s warning about fraud, not support it, and it says nothing about who repays customers.
- a finding that customers seldom want to compare their bank fees: Nobody claims customers do not want to compare bank fees. The editorial says the opposite in its first sentence.
Correct Answer: small institutions would get funding and more time to comply
Passage Reference: Give us the money and a little more time, and we will get there
Why this is correct: Pemberton asks for money and a little more time for small lenders. The outcome is funding and a later deadline for small institutions.
Tips: Pemberton’s short quote begins “Give us”. Read what she asks for.
Why the other options are wrong:
- every bank would have to meet the same deadline with no exceptions: One deadline for every bank with no exceptions is the opposite of Pemberton’s request for more time.
- customers would pay lower fees on their basic bank accounts: Pemberton never mentions fees. Her request is about money and time for her own small team.
- credit unions would merge into larger banks: Pemberton never suggests merging. She asks for money and a little more time so her team can get there.
Correct Answer: respectful but impatient
Passage Reference: We take this concern seriously, but we also note that the banks have raised it for the better part of a decade
Why this is correct: The writers say they take the banks’ concern seriously. But they also point out that the banks have used it for about ten years. That is respectful but impatient.
Tips: Look at the last two sentences of the second paragraph, where the writers comment on the banks. Notice the word “but” and what follows it.
Why the other options are wrong:
- fully convinced and supportive: The writers are not fully convinced by the banks. They say another open-ended delay would help nobody.
- openly mocking and dismissive: The banks are never mocked or dismissed. The writers say they take their concern seriously.
- neutral and uninterested: The tone is not neutral or uninterested. The writers take a clear side and urge Ottawa to act.
Correct Answer: how often breaches happen and how fast revoked access stops
Passage Reference: the public should be able to see how often breaches happen and how quickly revoked access actually stops
Why this is correct: Nyberg says the public should be able to see how often breaches happen and how quickly revoked access stops. The commenter is interested in that idea.
Tips: The comment names Nyberg, so go to Nyberg’s one sentence. The right choice lists what the public should be able to see.
Why the other options are wrong:
- a list of every app each bank has approved: Nyberg never mentions a list of approved apps. The figures Nyberg wants are about breaches and revoked access.
- the fees each bank charges on basic accounts: Bank fees appear only in the first sentence, where customers compare offers. Nyberg does not ask for fees to be published.
- the refund rules each bank already follows: Refund rules are Marinescu’s concern and the editorial’s recommendation. Nyberg asks for breach and revocation figures.
Correct Answer: one screen to switch off any app’s access
Passage Reference: Johal argues that customers should also get one screen where they can switch off any app’s access
Why this is correct: Johal argues that customers should also get one screen where they can switch off any app’s access. The commenter credits this idea to the leader of the fintech group and would use it.
Tips: The comment calls her the fintech group’s leader. Find the word “also” in her lines and read what follows.
Why the other options are wrong:
- a refund within a week whenever fraud happens: Johal never asks for a refund within a week. The question of who repays fraud victims is raised by Marinescu, and no time limit is given.
- a lower fee for paying bills online: Johal never mentions fees for paying bills. She wants one screen to switch off any app’s access.
- a free budgeting app from their own bank: Johal never says banks should give customers a free budgeting app. She wants a way to switch off apps’ access.
Correct Answer: six people cannot keep pace with hundreds of engineers
Passage Reference: her team of six cannot build new systems as fast as a national bank with hundreds of engineers
Why this is correct: Pemberton says her team of six cannot build new systems as fast as a national bank with hundreds of engineers. The commenter, who banks at a small credit union, listened closely to this point.
Tips: The comment names Pemberton, so go to her lines. Look at how she compares her team with a big bank.
Why the other options are wrong:
- small lenders should be left out of the rules for good: Pemberton does not want small lenders left out for good. She says that with money and time “we will get there.”
- credit unions already build new systems faster than banks: Pemberton says the opposite: her team cannot build new systems as fast as a national bank.
- her members almost never use financial apps: Pemberton says nothing about how often her members use financial apps. She talks about the size of her team.
Correct Answer: a rushed deadline would give fraudsters new chances
Passage Reference: warns that a rushed deadline would open new doors for fraudsters
Why this is correct: Marinescu warns that a rushed deadline would open new doors for fraudsters. New doors means new chances for criminals.
Tips: The comment names Marinescu, so go to Marinescu’s warning. The right choice restates it in simpler words.
Why the other options are wrong:
- password sharing is safe enough for now: Marinescu never says password sharing is safe. The editorial and Johal call it a danger, and Marinescu talks only about the risks of rushing.
- banks should never share customer data: Marinescu objects to a rushed deadline, not to sharing data at all. Marinescu wants the refund question settled first.
- small lenders will need an extra year: An extra year for credit unions is the editorial’s own recommendation after Pemberton’s request, not Marinescu’s claim.
Correct Answer: clear rules
Passage Reference: Our readers deserve safer tools, and our banks deserve clear rules
Why this is correct: Near the end, the editorial says our banks deserve clear rules. The commenter is glad the paper says this.
Tips: The blank matches a sentence near the end of the editorial. Find the line about what our banks deserve.
Why the other options are wrong:
- more time: An extra year is offered only to credit unions, and another open-ended delay is rejected. So the paper does not say the banks deserve more time.
- lower fees: Fees appear only in the first sentence, where customers compare them. The editorial never says banks deserve lower fees.
- fewer rivals: The paper wants customers to compare offers from rivals. So it never says banks deserve fewer rivals.
