gramm leach bliley act text

:o8}*uj & S)72Uf'uWrTN03Mct-+r"vp=VC&:)7a\]mIsZ'>:g]bY4b2}`I TXfcme*1:1Ve{@#*b8$8+Ty;^uWLXU)@l)LRU>u}Ub8ga7qn`) gZ?I"6 endstream endobj 123 0 obj << /Type /Encoding /Differences [ 32 /space 191 /questiondown 248 /oslash ] >> endobj 124 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 296 >> stream 2. The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. Federal government websites often end in .gov or .mil. 4. (More Info). GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. Definition of activities closely related to banking. 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. 1843(c)(8)) is amended by striking the day before the date of the enactment of the Gramm-Leach-Bliley Act and inserting January 1, 1970. Orderly wind-down of existing affiliation. 1843(c)(8)) is amended to read as follows: (8) shares of any company the activities of which had been determined by the Board by regulation or order under this 0000001912 00000 n Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. 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. 4 0 obj The FTC also provides a great deal of general data security guidance on its website. GovTrack.us is not a government website. And as we said before, a particular law might be narrow in focus, making it both simple and sensible to move it wholesale into a particular slot in the Code. We are excited to now be on Mastodon, a social network developed by and for its users. II. The Infosec Institute outlines ten top-level steps your infosec or IT organization needs to take in order to be GLBA compliant: A risk assessment is an important part of the threat modeling process that many infosec teams do as a matter of course. 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. 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. 0000000897 00000 n Summary of H.R.2714 - 118th Congress (2023-2024): 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. 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. But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. Anyone who obtains financial products or services from a company is dubbed a consumer, but consumers who maintain a continuing relationship with that institution are customers. Sun Spectrum Communications Organization, Inc., et al. We are also still on Instagram at @govtrack.us posting 60-second video summaries of legislation in Congress. endobj Section 8(c) of the International Banking Act of 1978 (12 U.S.C. We hope to make GovTrack more useful to policy professionals like you. 6821 et seq.) Notwithstanding the limitation of the January 1, 1970, approval deadline in subsection (c)(8), the Board may determine an activity to be so closely related to banking as to be a proper incident thereto for purposes of such subsection, subject to the requirements of this subsection and such terms and conditions as the Board may require. '>U,BxPL6xZg.s\ =D;2HE]^;e9IDKz|a\)d`LEo#W\nQ";aIw-_F\(/U.) /FontFile3 129 0 R >> endobj 120 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 151 /Widths [ 278 296 389 556 556 833 815 204 333 333 500 606 278 333 278 278 556 556 556 556 556 556 556 556 556 556 278 278 606 606 606 444 737 722 722 722 778 722 667 778 833 407 556 778 667 944 815 778 667 778 722 630 667 815 722 981 704 704 611 333 606 333 606 500 333 556 556 444 574 500 333 537 611 315 296 593 315 889 611 500 574 556 444 463 389 611 537 778 537 537 481 333 606 333 606 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204 204 0 0 0 556 1000 ] /Encoding /WinAnsiEncoding /BaseFont /OPPKBE+NewCenturySchlbk-Roman /FontDescriptor 119 0 R >> endobj 121 0 obj << /Length 910 /Filter [ /ASCII85Decode /FlateDecode ] >> stream 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. Pub. 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. 0000001782 00000 n GLBA consumer vs. customer. 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. Element 8: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the establishment of an incident response plan (16 C.F.R. The appropriate Federal banking agency, after opportunity for hearing, may terminate, at any time, the authority conferred by the preceding subparagraph to continue any affiliation subject to such subparagraph until the end of the period referred to in such subparagraph if the agency determines, having due regard for the purposes of this subsection and the Return to Prudent Banking Act of 2023, that such action is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices and is in the public interest. The third major data privacy aspect of the GLBA is the Pretexting Rule. 0000007171 00000 n WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. Part 314 use the terms customer and customer information. For the purpose of an institutions or servicers compliance with GLBA, customer information is information obtained as a result of providing a financial service to a student (past or present). 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. The Department intends to work with all institutions to improve their information security posture, including those that may not have yet implemented the Safeguards Rule requirements. 1338. Institutions violating the law can be fined up to $100,000 for each violation. Part 314. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. The FTCs regulations require that the information security program contains administrative, technical, and physical safeguards that are appropriate to the size and complexity of the institution or servicer, the nature and scope of their activities, and the sensitivity of any student information. A BILL To amend the Gramm-Leach-Bliley Act to establish procedures for disclosures by financial institutions of nonpublic personal information, and for other purposes. Title V, subtitle A, of this Act (15 U.S.C. 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. We work to advance government policies that protect consumers and promote competition. (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). At a minimum, the written information security program must address the implementation of the minimum safeguards identified in 16 C.F.R. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 (15 USC 6801 et seq. Search the Legal Library instead. 8 0 obj We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! The FTC is one of the primary enforcement arms; it notched a recent settlement with PayPal over violations from the company's Venmo service, for instance. You are encouraged to reuse any material on this site. The Federal Deposit Insurance Act is amended by striking section 46 (12 U.S.C. Each of these individual provisions would, logically, belong in a different place in the Code. Are you up on what the revised Rule requires? Your note is for you and will not be shared with anyone. Any GLBA findings identified through a compliance audit, or any other means, after the effective date will be resolved by the Department during the evaluation of the institutions or servicers information security safeguards required under GLBA as part of the Departments final determination of an institutions administrative capability. If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request. 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 Add a note about this bill. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. L. No. Repeal of Gramm-Leach-Bliley Act provisions. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. Find legal resources and guidance to understand your business responsibilities and comply with the law. 1. Institutions or servicers that maintain student information for fewer than 5,000 consumers are only required to address the first seven elements. The Board of Governors of the Federal Reserve System, after opportunity for hearing, may terminate, at any time, the authority conferred by the preceding subparagraph to continue any affiliation subject to such subparagraph until the end of the period referred to in such subparagraph if the Board determines, having due regard to the purposes of this Act, that such action is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices, and is in the public interest. 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. The act re-organized financial services regulation in the Each time the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate Federal banking agency makes a determination or an extension under subparagraph (B) or (C) of paragraph (2) or (3) of section 18(bb) of the Federal Deposit Insurance Act (as added by section 2(a)) or subparagraph (B) or (C) of subsection (a)(2) or (b)(2) of section 3, as the case may be, the Board, Comptroller, or agency shall promptly submit a report of such determination or extension to the Congress. Copyright 2020 IDG Communications, Inc. on the GLB Act requirements for financial privacy notices. S.900 - Gramm-Leach-Bliley Act 106th Congress (1999-2000) Law Hide Overview . For instance, there's no specific GLBA password requirements; instead, GLBA-covered institutions are expected to follow contemporary best practices for authenticating access to personal data, which in practice today would include an appropriate password regime. Definition, examples and prevention, business continuity and disaster recovery, The 10 most powerful cybersecurity companies, 7 hot cybersecurity trends (and 2 going cold), The Apache Log4j vulnerabilities: A timeline, Using the NIST Cybersecurity Framework to address organizational risk, 11 penetration testing tools the pros use, Designate employees to coordinate an infosec program, Identify risks to customer information across your company and assess the effectiveness of your current safeguards, Design, implement, monitor, and test an overarching safeguard program, Select service providers that are able to meet the requirements of the GLBA, and write that into your contract with them, Continually evaluate your program as circumstances and the threat landscape change, Understand the regulations and how they apply to you, Conduct a risk assessment (more on which in a moment), Ensure that effective controls are in place to mitigate risks, Make sure your service providers are GLBA-compliant, Confirm that you're meeting Privacy Rule requirements, Update your disaster recovery and business continuity plans, Prepare a written information security plan (WISP) a formal document of this type is a GLBA requirement, Report to the board the GLBA requires those responsible for inforsec make an annual report to an organizations managing board on GLBA compliance. Gramm-Leach-Bliley Act Gramm-Leach 2 0 obj with administrative, technical, and physical safeguards designed to protect customer information. 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. Element 4: Provides for the institution or servicer to regularly test or otherwise monitor the effectiveness of the safeguards it has implemented (16 C.F.R. prohibits obtaining customer information of a financial institution by false pretenses. The Gramm-Leach-Bliley Act requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to explain their information-sharing practices to their customers and to safeguard sensitive data. Element 3: Provides for the design and implementation of safeguards to control the risks the institution or servicer identifies through its risk assessment (16 C.F.R. If you have questions about the Departments enforcement of the GLBA, please contact the Cybersecurity Team at fsaschoolcybersafety@ed.gov. to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. WebGramm-Leach-Bliley Act Tags: Consumer Protection Mission Consumer Protection Law Pub. The objectives of the GLBA standards for safeguarding information are to . Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA) 1 . 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! The regulations required all covered businesses to be in full compliance by July 1, 2001. 314.4(e)). Download PDF. WebThe GLBA is a federal law that became effective in the United States In 1999. "z0:jy+^2>yA8#4o ZZ'n{hI~B^[ _CEukV.aZ: Fke\~NU7rh6V-K@% ;#8]VRU`ixsd#My:W BG;Jmwai`J SVzsAH>'o`K|;3@n7c4K3qNZKCyI[L(*LCYW\ytgRCBeEkz.0;e=(i'm;hX ]j`K;{'J2'~#%mc6BZp"37;&1uTr}*eUOf^>!Iu^.IkJJPaxxQ HY=Aw4-zHZ xU:NgO?2*4%Y)w/icu@oCRZ6u3 t6h" A;)sf5bbx6Gx0=(jfXaFBC&Gd*4Pe}LxUF(LnmOTUsyIqpY( Pub. -rKER ANQ?H_aij#]Fv'E7#_#V~Fk Jn%ENi?Px&deTCQu)7n-FuzdWo/@;5F[L{v=IMbIJ The site is secure. 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. The .gov means its official. Element 7: Provides for the evaluation and adjustment of its information security program in light of the results of the required testing and monitoring; any material changes to its operations or business arrangements; the results of the required risk assessments; or any other circumstances thatit knows or has reason to know mayhave a material impact the information security program (16 C.F.R. 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. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. WebGLB. 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. The U.S. Senate 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. 314.4(c)). Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. 0000003542 00000 n <>stream <> 118th CONGRESS. The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. The 20th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. Sponsor: The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had been banned since the Great Depression. Subject to a determination under subparagraph (B), any individual described in subparagraph (A) who, as of the date of the enactment of the Return to Prudent Banking Act of 2023, is serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution shall terminate such service as soon as practicable after such date of enactment and no later than the end of the 60-day period beginning on such date. M?cW L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Pretexting is form of social engineering in which an attacker tries to convince a victim to give up valuable information or access to a service or system. WebGramm-Leach-Bliley Act The commonly used name for The Financial Services Modernization Act of 1999. You'll find three types of link associated with each popular name (though each law may not have all three types). Find legal resources and guidance to understand your business responsibilities and comply with the law. Protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any student (16 C.F.R. Under the Standards of Administrative Capability at 34 C.F.R. 0000007438 00000 n Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? 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). The distinguishing feature of this kind of attack is that the scam artists comes up with a storyor pretextin order to fool the victim. It may seem a bit strange at first that a financial services law has such a profound impact on IT and data security. 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 law applies to any business that is "significantly engaged" in providing financial products or services to consumers. <>stream WebV, Gramm-Leach-Bliley Act (15 U.S.C. By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. History books, newspapers, and other sources use the popular name to refer to these laws. 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 Such institutions must develop and give notice of their privacy policies to their own customers at least annually (except where exempted under section 75001 of the Fixing America's Surface Transportation Act (FAST Act), Pub. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments) and section 21 of the Banking Act of 1933 (12 U.S.C. Pub. 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. Learn more about your rights as a consumer and how to spot and avoid scams. Find the resources you need to understand how consumer protection law impacts your business. 314.4(d)). Josh Fruhlinger is a writer and editor who lives in Los Angeles.

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