What are the 3 sections of the GLBA?
What are the 3 sections of the GLBA?
The three sections of the GLBA that cover privacy issues are the financial privacy rule, the safeguards rule, and the pretexting provisions. The financial privacy rule deals with the collection and disclosure of private financial information.
Who enforces GLBA act?
The FTC
The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators.
Is the Gramm-Leach-Bliley Act still in effect?
The Gramm–Leach–Bliley Act passed in November 1999, repealing portions of the BHCA and the Glass–Steagall Act, allowing banks, brokerages, and insurance companies to merge, thus making the CitiCorp/Travelers Group merger legal.
What is a GLBA risk assessment?
Categorizing controls and developing definitions for control adequacy and residual risk and applying them to each technology. Creating various reports showing vulnerabilities, controls, and a risk rating for each technology, as well as which vulnerabilities have insufficient controls, among others.
What is considered GLBA data?
GLBA covered information GLBA defines covered customer information as any record containing nonpublic personal information or personally identifiable financial information about a customer of PCC – whether in paper, electronic, or other form – that is handled or maintained by or on behalf of PCC or its affiliates.
What is the other name of the Gramm-Leach-Bliley Act?
the Financial Modernization Act of 1999
The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization Act of 1999, is a federal law enacted in the United States to control the ways financial institutions deal with the private information of individuals.
Are mortgage companies subject to GLBA?
Does GLBA apply to state licensed financial institutions? Yes, the act covers ALL financial institutions engaged in financial activities.
What are two federal laws that relate to the confidentiality of personal financial information?
Two federal laws cover your personal financial privacy: The Fair Credit Reporting Act (PDF) and the Gramm-Leach-Bliley Act.
Which of the following provisions does the Gramm-Leach-Bliley Act make?
INTRODUCTION. The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a “financial institution” may disclose a consumer’s “nonpublic personal information” to nonaffiliated third parties.
What does GLBA stand for?
GLBA stands for the Gramm-Leach-Bliley Act, which became law in 1999. It requires companies significantly involved in financial activities to share their data privacy practices and use safeguards to prevent any sensitive personal information they collect from customers from being compromised or improperly sold for profit.
What does GLBA stand for in government category?
The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. The GLBA was an attempt to update and modernize the financial industry.
What is GLBA compliance?
Banking & Financial Institutions Compliance Although better known for its privacy stipulations, the Gramm-Leach-Bliley Act (GLBA), also called the Financial Modernization Act of 1999, is a US federal law whose original purpose was to allow different types of financial institutions such as banks, insurance companies and securities firms to merge.
What is GLBA 501B?
The Gramm-Leach-Bliley Act (GLBA) is a federal law established for regulating financial institutions in their handling of private information of individuals. Section 501 (b) of the GLBA Act established the policy that each financial institution has a continuing obligation to respect the privacy of its customers and protect…
