), was designed to regulate the disclosure and protection of nonpublic personal information (NPI) collected by a financial institution from an individual in order to obtain a financial product or service from the institution for personal, family, or Subparagraph (A) shall not apply with respect to service by any individual which is otherwise prohibited under such subparagraph if the appropriate Federal banking agency determines, by regulation with respect to a limited number of cases, that service by such individual as an officer, director, employee, or other institution-affiliated party of any insured depository institution would not unduly influence the investment policies of the depository institution or the advice the institution provides to customers. In Dear Colleague LettersGEN-15-18andGEN-16-12, we reminded institutions about the longstanding requirements of GLBA and notified them of our intention to begin enforcing the legal requirements of GLBA through annual compliance audits. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. Under the Dodd-Frank Act, this rulemaking authority transferred to the Bureau of Consumer Financial Protection (except with respect to certain motor vehicle dealers), but the FTC continues to have enforcement authority. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Find legal resources and guidance to understand your business responsibilities and comply with the law. 1. Gramm-Leach-Bliley Act Pub. Part 314. Gramm !/'r&[!Lg9jW@p "KL )DlT{8:5Dm(HzmKr{xYy=XGtU]1wNS$ZDv[DcU$SO8u%7{~sEO`2E\7gk(Tkr^d+ZYzv SBUU#$\'N_=EIDhq8UER'4&8(n@6x+r{-^?c^cRpsX&dXr\[$&B(VF*&Hn6U'/Z4M3u,bg`0 "dxm?Y\9p!82W1h:&z Mt?,`"cTcH^{x]F{=: )tL1kx.]Jn nu@y_nU{1&;I9:SGx#oHTr'7y endstream endobj 129 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 12113 /Subtype /Type1C >> stream %yH@ZZ8S-!$kC6=Rj@lExtQeY.OBkkn5L2]Clt`k=I[/BX*"AWpxjh,7bR4Eq[uL&-ey9D/1R*p95.^?s/KZ5/q-jj!h#,!Q by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. Prohibition on banking activities by securities firms clarified. Under the Standards of Administrative Capability at 34 C.F.R. So-called "Short Title" links, and links to particular sections of the Code, will lead you to a textual roadmap (the section notes) describing how the particular law was incorporated into the Code. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Before the GLBA, these kinds of scams could only be prosecuted under other laws about fraud or false pretenses that didn't always exactly match up with attackers' specific techniques. 1 0 obj Privacy of Consumer Financial Information Rule Under the Gramm-Leach-Bliley Act A Rule by the Federal Trade Commission on 12/09/2021 Document Details Printed Search the Legal Library instead. 11494, 129 Stat. An official website of the United States government. Find the resources you need to understand how consumer protection law impacts your business. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. Pub. Sponsor: 314.4(a)). Before sharing sensitive information, make sure youre on a federal government site. V0! Repeal of provision relating to foreign banks filing as financial holding companies. Section 21 of the Banking Act of 1933 (12 U.S.C. 0000000809 00000 n Subtitle B of Title V (15 U.S.C. Slaughter, FTC Safeguards Rule: What Your Business Needs to Know, FTC's Privacy Rule and Auto Dealers: FAQs, How To Comply with the Privacy of Consumer Financial Information Rule of the Gramm-Leach-Bliley Act, Compliance deadline for certain revised FTC Safeguards Rule provisions extended to June 2023, New publication offers guidance on revised FTC Safeguards Rule, Updating you on FTC privacy and data security initiatives, Corporate boards: Dont underestimate your role in data security oversight, Application of Title V, Subtitle A, of the G-L-B Act, and of the Commission's Privacy Rule, to Attorneys At Law, Ascension Data & Analytics, LLC, In the Matter of, LightYear Dealer Technologies, LLC, In the Matter of, FTC v. Global Mortgage Funding, Inc., et al., SACV 02-1026 DOC, __________________, a minor, also known as _______________, by his parent ____________, Fajilan and Associates, Inc., also d/b/a Statewide Credit Services, In the Matter of, James B. Nutter & Company, a corporation, in the Matter of, Premier Capital Lending, Inc., et al., In the Matter of, American United Mortgage Company., United States of America (for the FTC), Nations Title Agency, Inc., Nations Holding Company, and Christopher M. ?E Mk~tEK:UiZuS:oEGQ^};_nzG+>)Ce0W!j1zA0:0%P'DN#y endstream endobj 133 0 obj 444 endobj 115 0 obj << /Type /Page /Parent 97 0 R /Resources 116 0 R /Contents 121 0 R /Thumb 58 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 116 0 obj << /ProcSet [ /PDF /Text ] /Font << /F1 120 0 R /F2 117 0 R /F3 125 0 R >> /ExtGState << /GS1 127 0 R >> >> endobj 117 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 151 /Widths [ 287 296 333 574 574 833 852 241 389 389 500 606 278 333 278 278 574 574 574 574 574 574 574 574 574 574 278 278 606 606 606 500 747 759 778 778 833 759 722 833 870 444 648 815 722 981 833 833 759 833 815 667 722 833 759 981 722 722 667 389 606 389 606 500 333 611 648 556 667 574 389 611 685 370 352 667 352 963 685 611 667 648 519 500 426 685 611 889 611 611 537 389 606 389 606 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1000 ] /Encoding /WinAnsiEncoding /BaseFont /OPPKBD+NewCenturySchlbk-Bold /FontDescriptor 118 0 R >> endobj 118 0 obj << /Type /FontDescriptor /Ascent 737 /CapHeight 722 /Descent -205 /Flags 262178 /FontBBox [ -165 -250 1000 988 ] /FontName /OPPKBD+NewCenturySchlbk-Bold /ItalicAngle 0 /StemV 154 /XHeight 475 /StemH 54 /CharSet (=RaaE%=m\)^M*\\{cet/m\(V\ {xJ{VX-0T}bQ+6\\S,>>KqMXt2U\ t\(yF7\\"E?k>R|) /FontFile3 130 0 R >> endobj 119 0 obj << /Type /FontDescriptor /Ascent 737 /CapHeight 722 /Descent -205 /Flags 34 /FontBBox [ -195 -250 1000 965 ] /FontName /OPPKBE+NewCenturySchlbk-Roman /ItalicAngle 0 /StemV 92 /XHeight 464 /StemH 45 /CharSet (-QGuYD\\\\[_X1fG+e_-"8tkhXT\ Uh3*p\)cE.wnl5h#! II. An official website of the United States government. The effective date for most of the changes to the Safeguards Rule is June 9, 2023. The GrammLeachBliley Act (GLBA) provides customers to have secured information by financial institutions. 0000002543 00000 n The publication provides valuable information such as describing what a reasonable security program should look like and goes over each of the nine required elements in greater detail. Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. Integrity Security & Investigation Services, Inc. Superior Mortgage Corp., In the Matter of, Sunbelt Lending Services, Inc., In the Matter of, Nationwide Mortgage Group, Inc., and John D. Eubank, In the Matter of. 5 0 obj HW[S~o-|SI@a[`Vq;,O$;NmqI}3 c`~0B t1T'0]c6D(6vp>t-1z-sqn.ax=j-T;mY>qI6a6Z7jIoJQUrc01Q(4@> Dy" )v{QuZPoRA%4._`xJWiJ5UfI,WcKEE)U:R.kXGuDSP:-wMWMs\_NO%SEi(|o6X( j)E%*Cuf<1ULPkz?FyRaB>E^kT{">[ZZI($>OIdvD&b2 xU2m ?XTDI. It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. What is GLBA Compliance? Understanding the Data Protection others, or safeguarding financial assets other than money. <> This is information that a financial institution collects when providing a financial product or service that can identify an individual and that isnt otherwise publicly available. 0000008401 00000 n WebThe Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Acts financial privacy provisions (GLB Act). <>stream Financial institutions need to provide customers with written information explaining what information is collected about them, how that information is used, where and with whom it's shared, and how it's protected. The Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. Add a note about this bill. GrammLeachBliley Act Text on the GLB Act requirements for financial privacy notices. Ms. Kaptur (for herself, Ms. Norton, Ms. Omar, Ms. Pingree, Ms. Wild, Ms. Tlaib, Mr. Pocan, and Mrs. Watson Coleman) introduced the following bill; which was referred to the Committee on Financial Services. Gramm Leach Bliley Act Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. Each institution that participates in the Title IV programs has agreed in its Program Participation Agreement (PPA) to comply with the GLBA Safeguards Rule under 16 C.F.R. Guide to the Gramm It is a United States federal law that requires financial WebAct of 1956 (12 U.S.C. Join GovTrack.uss Inner Circle With a Yearly Membership, In retaliation for prosecutor Alvin Bragg indicting Trump, ALVIN Act would ban federal funds for, On March 29, Arizona Republican Andy Biggs introduced a (possible record) 521 bills in one day, No More Political Prosecutions Act would give presidents like Trump option to move their legal. 106-102, 113 Stat. Hopefully our description of the GLBA's broad reach makes it clear why the Department of Education is involved in enforcing a financial service law. WebMaterial type: Text; Format: print ; Literary form: Not fiction Publication details: Newark, NJ : LexisNexis, 2002 Other title: Banking law Banking law : financial modernization after Gramm-Leach-Bliley Availability: Items available for loan: TEMPLE (1)Location, call number: Town Center KF974.B36 F55 2002. This is a project of Civic Impulse, LLC. Our mission is to empower every American with the tools to understand and impact Congress. 378) by the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called Glass-Steagall Act, and for other purposes. or securities. 0000005185 00000 n CSO |. 0000003542 00000 n Section 4(c)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. Gramm 0000004180 00000 n An institutions or servicers written information security program must include the following nine elements included in the FTCs regulations: Element 1: Designates a qualified individual responsible for overseeing and implementing the institutions or servicers information security program and enforcing the information security program (16 C.F.R. Please join our advisory group to let us know what more we can do. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Subsection (a) of section 206 of the Gramm-Leach-Bliley Act (15 U.S.C. L. No. Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). The list of businesses that fall under this heading is broad, and includes debt collectors, real estate appraisers, automobile dealers, and even higher education institutions, which maintain bursar accounts for students and administer student loans. Thank you for joining the GovTrack Advisory Community! The Gramm-Leach-Bliley Act (G-L-B) versus Best Practices in Network Security. Wall between commercial banks and securities activities reestablished. endobj The first is that it explicitly makes it illegal to use pretexting to try to gain access to the information about victims held by a financial institution covered by the Act. Rapp, James J., and Regana L. Rapp d/b/a Touch Tone Information, Inc. NovaStar Financial, Inc. and NovaStar Mortgage Inc. 16 CFR Part 314: Standards for Safeguarding Customer Information (Supplemental Notice of Proposed Rulemaking), 16 CFR Part 314: Standards for Safeguarding Customer Information (Final Rule), 16 CFR Part 313: Privacy of Consumer Financial Information Rule under the Gramm-Leach-Bliley Act, Ascension Data & Analytics, LLC; Analysis To Aid Public Comment, Agency Information Collection Activities; Submission for OMB Review; Comment Request (Privacy Rule), Agency Information Collection Activities; Proposed Collection; Comment Request (Privacy Rule), Postponement of Public Workshop Related to Proposed Changes to the Safeguards Rule, DealerBuilt/LightYear Dealer Technologies; Analysis To Aid Public Comment, 16 CFR Part 314: Standards for Safeguarding Customer Information; Extension of Deadline for Submission of Public Comments, Privacy of Customer Financial Information-Security; Advance Notice Of Proposed Rulemaking And Request For Comment, Final Model Privacy Form Under the Gramm-Leach-Bliley Act - 16 CFR Part 313, Standards for Safeguarding Customer Information; Final Rule - 16 CFR Part 314, Privacy of Consumer Financial Information; Final Rule - 16 CFR Part 313, Privacy of Consumer Financial Information; Proposed Rule - 16 CFR Part 313, Keynote Remarks of Commissioner Christine S. Wilson at the Privacy + Security Academy, Opening Remarks of Chairman Joseph Simons at FTC Equifax Press Conference, Opening Remarks of Commissioner Terrell McSweeny. <> HTQj@}Ygv5/"M";eag|BG y ^#XmRdPRj"\mc@FRDq+7{ER6{,_{kDF0Z"nd/b>oOc%"!a(N9!`bH.^"3=TgoNqe#k# ^TW=\wR}B >r? Is your company following the requirements of the Privacy Rule? As you might expect, data privacy requirements are stricter for customers. Our public interest mission means we will never put our service behind a paywall. When it comes to the Privacy Rule, the GLBA makes a distinction between different types of people a company interacts with. M?cW We hope to enable educators to build lesson plans centered around any bill or vote in Congress, even those as recent as yesterday. | Congress.gov | Library of Congress Guide to the GrammLeachBliley Act - International Association of Gramm-Leach-Bliley Act %PDF-1.5 % Gramm-Leach-Bliley Act Josh Fruhlinger is a writer and editor who lives in Los Angeles. 6801-6809, 6821-6827, Competition and Consumer Protection Guidance Documents, An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. Subject to a determination under subparagraph (B), the Board of Governors of the Federal Reserve System may extend the 2-year period referred to in subparagraph (A) above from time to time as to any particular bank holding company for not more than 6 months at a time, if, in the judgment of the Board, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. Sun Spectrum Communications Organization, Inc., et al. We work to advance government policies that protect consumers and promote competition. The site is secure. Text On the other hand, government agencies can and do include GLBA compliance criteria in their audits of institutions covered by the Act. Section 3(a)(4)(B) of the Securities Exchange Act of 1934 (15 U.S.C. Or, as another example, if you apply for a loan at Bank C and have no pre-existing relationship with them, you're still only considered a consumer; you become a customer only if the loan is approved and you receive the money. Parts 160 and 164, established under the Health Insurance To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called Glass-Steagall Act, and for other purposes. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. No determination of the Board under paragraph (1) may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. Download PDF. comply with the GLBA Act the purposes of this Act and the Gramm-Leach-Bliley Act, the following activities as, and the extent to which such activities are, financial in nature or incidental to a financial activity: (A) Lending, exchanging, transferring, investing for. To achieve the GLBA objectives, institutions and servicers are required to develop, implement, and maintain a written, comprehensive information security program. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments), section 21 of the Banking Act of 1933, or section 18(bb) of the Federal Deposit Insurance Act more narrowly than the reasoning of the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties. Slaughter. Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. An official website of the United States government. Make sure you're in compliance nowit'll protect both you and your customers. 118th CONGRESS. L. No. Our Table of Popular Names is organized alphabetically by popular name. In April of 2022, the FTC issued a new publication entitled FTC Safeguards Rule: What Your Business Needs to Know, which is meant to act as a compliance guide to ensure that entities covered by the Safeguards Rule maintain safeguards to protect the security ofcustomer information. 1. Financial Services Modernization Act of 1999 An insured depository institution may not be or become an affiliate of any broker or dealer, any investment adviser, any investment company, or any other person engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities.
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