We work to advance government policies that protect consumers and promote competition. 2010Subsec. 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. 1841) is amended by striking subsection (p). 314.4(c)). From the perspective of infosec pros, though, the more immediately important aspect of the Pretexting Rule is that it requires financial services institutions themselves to take affirmative steps to prevent pretexting. Would you like to join our advisory group to work with us on the future of GovTrack? 314.4(g)). The Department will issue guidance on NIST 800-171 compliance in a future Electronic Announcement, but again encourages institutions to begin incorporating the information security controls required under NIST 800-171 into the written information security program required under GLBA as soon as possible. The reasoning of the Supreme Court of the United States in the case referred to in paragraph (1) with respect to sections 20 and 32 of the Banking Act of 1933 (as in effect prior to the date of the enactment of the Gramm-Leach-Bliley Act) shall continue to apply to subsection (bb) of section 18 of the Federal Deposit Insurance Act (as added by subsection (a) of this section) except to the extent the scope and application of such subsection as enacted exceed the scope and application of such sections 20 and 32. with administrative, technical, and physical safeguards designed to protect customer information. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule), an important component of the Gramm-Leach-Bliley Acts (GLBA) requirements for protecting the privacy and personal information of consumers. Gramm-Leach-Bliley Act An Act to Enhance Competition in the Financial Services Industry by Providing a Prudential Framework for the Affiliation of Banks, Securities Firms, Insurance Companies, and Other Financial Service Providers, and for Other Purposes Public Law 106-102, 106th Congress, S. 900 NOTE: 113 Stat. Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 (15 USC 6801 et seq. As a result, often the law will not be found in one place neatly identified by its popular name. 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. %PDF-1.2 % We hope to make GovTrack more useful to policy professionals like you. 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? Looking for legal documents or records? Please join our advisory group to let us know what more we can do. Privacy pros zero in on Title V, Subtitle A of the GLBA (15 U.S.C. Your note is for you and will not be shared with anyone. Learn more about your rights as a consumer and how to spot and avoid scams. It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the "Short Title". GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. L. No. See also infra discussion at section II.A. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. This is a project of Civic Impulse, LLC. Subject to a determination under subparagraph (B), an appropriate Federal banking agency may extend the 2-year period referred to in subparagraph (A) from time to time as to any particular insured depository institution for not more than 6 months at a time, if, in the judgment of the agency, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. Copyright 2020 IDG Communications, Inc. 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. In fact, GLBA enforcement is conducted by a number of government agenciesincluding the Federal Trade Commission, the federal banking agencies, the Consumer Financial Protection Bureau, and state insurance oversight agenciesagainst any offending companies that might fall under their purview. fC\huwa W.`SU`GH Responsible individuals at those institutionsgenerally company officers or members of the board of directorscan be personally fined up to $10,000 for each violation, Those individuals may also be sentenced to up to 5 years in prison. Prohibition on banking activities by securities firms clarified. H. R. 2714. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued WebIn 2006, the Financial Services Regulatory Relief Act (Relief Act) amended the GLBA. S. 1179. Title V, subtitle A, of this Act (15 U.S.C. 1. 0000001782 00000 n Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). The first is that it explicitly makes it illegal to use pretexting to try to gain access to the information about victims held by a financial institution covered by the Act. The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. For instance, if you have a checking and savings account at Bank A, you're Bank A's customer; if you don't have an account at Bank B but use their conveniently located ATM to withdraw cash from your account at Bank A, from Bank B's perspective you're only a consumer. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Limitation on agency interpretation or judicial construction. on the GLB Act requirements for financial privacy notices. 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! q(4cY7-;xb/8" ^k 8F|$@OH4hd{}Qw2TPnvL@D\}/x(`{#AzlV}r8#$3Xlyh?/mulVHqXsBl6'O U)@P3h^IdIZVvs?L7\a H==ta<1A>OQ2fGR`?`'q_ a)0Y}XdMO}4]?q@2UtrQhp <> Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. Wall between commercial banks and securities activities reestablished. The Gramm-Leach-Bliley Act is a U.S. federal law created to control how financial institutions deal with a consumers non-public personal information (NPI). L. 111203 effective on the designated transfer date, see section 1100H of Pub. SM_Y9d1`uwUN:t m^3_ . endobj WebGramm-Leach-Bliley Act Tags: Consumer Protection Mission Consumer Protection Law Pub. The Digital Guardian blog breaks down some of the specific steps that companies covered by the GLBA should take so as to get their house in order and ensure that they're in compliance with this Rule. WebThe GLBA is a federal law that became effective in the United States In 1999. It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". "6hfeLT*RWCW\O^ ~UTdhD/~p(&uJUCPu~}12k$kKq!/ uC}$Bw5C|W?3pK%>S@aMiVe+JS\5vP tVZ_XOh%$ HX6fZE,)HYPo6|QZBJ%0LNNJP$@z7E+F+#}S`2?1$T&M_f ~H?Ld:92#h-2ipM#7$2`1U;V]Gobek~C&/w|udk7a+!H` endstream Subtitle B of Title V (15 U.S.C. Repeated non-compliance by an institution or a servicer may result in an administrative action taken by the Department, which could impact the institutions or servicers participation in the Title IV programs. Pub. This Electronic Announcement provides a summary of the changes to the GLBA requirements resulting from the Final Rule, explains the impacts of the changes on postsecondary institutions, and describes changes to the Department of Educations (Department) enforcement of the GLBA requirements. L. 111203 inserted ,other than the Bureau of Consumer Financial Protection, after section 6805(a) of this title in introductory provisions. The regulations required all covered businesses to be in full compliance by July 1, 2001. The site is secure. If you have questions about the Departments enforcement of the GLBA, please contact the Cybersecurity Team at fsaschoolcybersafety@ed.gov. But if you're looking for a risk assessment specifically tailored to Federal cybersecurity mandates like the GLBA, the Federal Financial Institution Examination Council (FFIEC) has you covered. 1338, codified in relevant part primarily at 15 U.S.C. In line with the older Fair Credit Reporting Act, the Privacy Rule also requires that institutions give consumers the ability to forbid the financial institution from sharing their information with unaffiliated third parties. ?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#! 0000007555 00000 n 6803(f)), and before disclosing any consumer's personal financial information to an unaffiliated third party, and must give notice and an opportunity for that consumer to "opt out" from such disclosure. 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. No appropriate Federal banking agency, by regulation, order, interpretation, or other action, and no court within the United States may construe the paragraph designated the Seventh of section 5136 of the Revised Statutes of the United States (12 U.S.C. 510 GRAMM-LEACH-BLILEY ACT14 (8) STATE INSURANCE AUTHORITY.The term State insur- ance authority means, in the case of any person engaged in providing It is a United States federal law that requires financial Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. The table of sections for chapter one of title LXII of the Revised Statutes of the United States is amended by striking the item relating to section 5136A. These would take the form of strict requirements about evidence people need to provide to prove they have the right to information they're trying to access, along with staff training to recognize and push back against phishing and other forms of pretexting. Our public interest mission means we will never put our service behind a paywall. 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). endobj Institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9. The law repealed the Glass-Steagall Act of 1933, which limited securities activities within commercial banks and interactions between commercial banks and securities firms.The passage of the GLBA allowed commercial banks, Subsection (a) of section 206 of the Gramm-Leach-Bliley Act (15 U.S.C. Before sharing sensitive information, make sure youre on a federal government site. 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. GLBA consumer vs. customer. The law applies to any business that is "significantly engaged" in providing financial products or services to consumers. The third major data privacy aspect of the GLBA is the Pretexting Rule. The GrammLeachBliley Act (GLBA) provides customers to have secured information by financial institutions. Element 2: Provides for the information security program to be based on a risk assessment thatidentifies reasonably foreseeableinternal and external risks to thesecurity, confidentiality, and integrity ofcustomer information (as the term customer information applies to the institution or servicer) that could resultin the unauthorized disclosure, misuse,alteration, destruction, or othercompromise of such information, andassesses the sufficiency of anysafeguards in place to control theserisks (16 C.F.R. The term related company means an affiliate, as that term is defined in section 104(g) of the Gramm-Leach-Bliley Act (15 U.S.C. L. 106102, title V, 510, Nov. 12, 1999, 113 Stat. Subject to a determination under subparagraph (B), the Comptroller of the Currency may extend the 2-year period referred to in subparagraph (A) above from time to time as to any particular national bank for not more than 6 months at a time, if, in the judgment of the Comptroller, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. Copyright 2023 IDG Communications, Inc. CSO provides news, analysis and research on security and risk management, Security and privacy laws, regulations, and compliance: The complete guide. As the name suggests, the purpose of the Federal Trade Commissions Standards for Safeguarding Customer Information the Safeguards Rule, for short is to ensure that entities covered by the Rule maintain safeguards to protect the security of customer information. Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. %yH@ZZ8S-!$kC6=Rj@lExtQeY.OBkkn5L2]Clt`k=I[/BX*"AWpxjh,7bR4Eq[uL&-ey9D/1R*p95.^?s/KZ5/q-jj!h#,!Q At a minimum, the written information security program must address the implementation of the minimum safeguards identified in 16 C.F.R. %PDF-1.5 % But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. And sometimes they are meant to garner political support for a law by giving it a catchy name (as with the 'USA Patriot Act' or the 'Take Pride in America Act') or by invoking public outrage or sympathy (as with any number of laws named for victims of crimes). L. No. Well be in touch. While all elements of the Safeguards Rule are vital to protecting the security of customer information, an institution or servicer may significantly reduce the risk of a security breach, and the resulting harm and inconvenience to its customers, by encrypting customer information while it is in transit outside its systems or stored on its system and by implementing multi-factor authentication for anyone accessing customer information on its systems.
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