Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
District of Columbia Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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FAQ
The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit ...
Each agency has issued substantially similar rules implementing GLB's privacy provisions. The states are responsible for issuing regulations and enforcing the law with respect to insurance providers. The FTC has jurisdiction over any financial institution or other person not regulated by other government agencies.
The three sections include the following: Financial Privacy Rule. This rule, often referred to as the Privacy Rule, places requirements on how organizations may collect and disclose private financial data. ... Safeguard Rule. ... Pretexting Rule.
Three key rules of the GLBA include: Privacy Rule: Ensuring the protection of consumers' personal financial information. Safeguards Rule: Requiring the establishment of security measures to prevent data breaches. Pretexting Provisions: Prohibiting deceptive methods of obtaining personal financial information.
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.
There are three types of privacy notices defined in the regulations: an initial notice, an annual notice, and a revised notice. The regulation specifies when and to whom a bank is required to give each type of privacy notification. Let's look at the when and who for each type of privacy notice.
To be GLBA compliant, financial institutions must communicate to their customers how they share the customers' sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers' private data in ance with ...
The three sections include the following: Financial Privacy Rule. This rule, often referred to as the Privacy Rule, places requirements on how organizations may collect and disclose private financial data. ... Safeguard Rule. ... Pretexting Rule.
The main focus of the GLBA is to expand and tighten consumer data privacy safeguards and restrictions. The primary concern, related to the GLBA, of IT professionals and financial institutions is to secure and ensure the confidentiality of customers' private and financial information.
Under GLBA, penalties for non-compliance can include fines of up to $100,000 per violation, with fines for officers and directors of up to $10,000 per violation. And if that wasn't enough, the provisions include criminal penalties of up to five years in prison, and the revocation of licenses.