Before sharing sensitive information, make sure youre on a federal government site. Information security safeguards are fundamental to a system of internal controls and essential for preventing disruption to these core objectives as they guard the information systems that collect, maintain, process, and disseminate student information. Would you like to join our advisory group to work with us on the future of GovTrack? The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. 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. !/'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 S.900 - Gramm-Leach-Bliley Act 106th Congress (1999-2000) Law Hide Overview . Section 6801 et seq. We find that the law has a differential impact across the financial services industry. 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. 1811 et seq.) 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 314.4(a)). 335) is amended by striking the last sentence. A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE Find the resources you need to understand how consumer protection law impacts your business. is the Gramm-Leach-Bliley Act, or Title V, subtitle A, of this Act (15 U.S.C. Definition of activities closely related to banking. 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. Amendment by Pub. Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. Note that while the following provides a summary of the requirements, your best source of information is the text of theSafeguards Ruleitself and GLBA guidance provided by the FTC. 0000007555 00000 n The GLBA is also known as the Financial Services Modernization Act of 1999. As you might expect, data privacy requirements are stricter for customers. 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. 6 0 obj 378) by the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. The Relief Act amendment directed financial regulatory agencies to collaborate and develop a Pub. WebThe GLBA is a federal law that became effective in the United States In 1999. WebSec. by redesignating paragraph (5) as paragraph (3). 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). Nor will a full-text search of the Code necessarily reveal where all the pieces have been scattered. Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. The regulations at 16 C.F.R. And starting in 2019 well be tracking Congresss oversight investigations of the executive branch. We hope to enable educators to build lesson plans centered around any bill or vote in Congress, even those as recent as yesterday. (More Info). However, individuals have the right to choose whether the information is disclosed under the Act. 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. 6803(e). Deep Odyssey, a company that offers these services, puts it this way in their disclaimer: "The completion of a GLBA Audit does not ensure GLBA compliance. 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. 314.4(f)). The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. "[B&9y>2A}N"c`:s5IL[P=XR4xu w="(.lU[_ 3[aT!x,HfWZI_>2pq9:Nj!l 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. WebThe Security Guidelines implement section 501 (b) of the Gramm-Leach-Bliley Act (GLB Act) 4 and section 216 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). 1828b, 1849) clarify the application of the FTC Act and other FTC statutes to subsidiaries and other affiliates of depository institutions, and provide for certain interagency information sharing. 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. Is your company following the requirements of the Privacy Rule? <>/ExtGState<>>> 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). Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! 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. 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. S. 900 (106 th ): Gramm-Leach-Bliley Act - GovTrack.us 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". 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. Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. 0000005709 00000 n 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. Our mission is to empower every American with the tools to understand and impact Congress. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. 2. Element 5: Provides for the implementation of policies and procedures to ensure that personnel are able to enact the information security program (16 C.F.R. Text The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. The changes to the Safeguards Rule expand on the minimum information security requirements that should already be in place at participating institutions and their third-party servicers. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". 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. L. 111203 effective on the designated transfer date, see section 1100H of Pub. Institutions violating the law can be fined up to $100,000 for each violation. Section 6801 et seq. Wall between commercial banks and securities activities reestablished. 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. Section 6801 et seq. 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. The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. But the framers of the law correctly foresaw that by loosening existing banking regulations, they were opening the door to the creation of huge, sprawling firms offering an array of services ranging from checking accounts to high-end investmentsand that these companies would have access to huge amounts of customer information. 1. 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 enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. As these descriptions should make clear, getting ready for the GLBA is a big effort, but it will largely overlap with needed cybersecurity measures that any institution should be taking. 1831w). e,B endstream endobj 125 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 248 /Widths [ 250 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 ] /Encoding 123 0 R /BaseFont /OPPKBP+BGsddV01 /FontDescriptor 126 0 R /ToUnicode 124 0 R >> endobj 126 0 obj << /Type /FontDescriptor /Ascent 724 /CapHeight 806 /Descent 8 /Flags 6 /FontBBox [ 0 -111 518 733 ] /FontName /OPPKBP+BGsddV01 /ItalicAngle 0 /StemV 42 /XHeight 725 /StemH 54 /CharSet (EcekzW^H~{) /FontFile3 122 0 R >> endobj 127 0 obj << /Type /ExtGState /SA false /SM 0.02 /OP false /BG 131 0 R /UCR 128 0 R /TR /Identity >> endobj 128 0 obj << /FunctionType 0 /Domain [ 0 1 ] /Range [ -1 1 ] /BitsPerSample 16 /Size [ 256 ] /Length 670 /Filter [ /ASCII85Decode /FlateDecode ] >> stream On December 18, 2020 we issued an Electronic Announcement encouraging institutions to review and adopt NIST 800171 as a security standard to support continuing obligations under GLBA. That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. 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. The process of incorporating a newly-passed piece of legislation into the Code is known as "classification" -- essentially a process of deciding where in the logical organization of the Code the various parts of the particular law belong. 1828a) and section 115 (12 U.S.C. 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. In Dear CPA LetterCPA-19-01, the Office of Inspector General (OIG) explained the audit procedures for auditors to determine whether institutions were complying with GLBA. 1844) is amended by striking subsection (g). The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. S. 1179. M?cW GLBA consumer vs. customer. 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. 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. Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. WebThe Gramm Leach Bliley Act (GLBA) is a law that applies to financial institutions and includes privacy and information security provisions that are designed to protect consumer financial L. No. 78c(a)(4)(B)) is amended, by striking clauses (i), (iii), (v), (vii), (x), and (xi); and. ), 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 L. No. This Act may be cited as the Return to Prudent Banking Act of 2023. 0000001588 00000 n 1338, codified in relevant part primarily at 15 U.S.C. 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. Part 314. WebGramm-Leach-Bliley Act Tags: Consumer Protection Mission Consumer Protection Law Pub. The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. (1971)) with regard to the permissible activities of banks and securities firms, except to the extent expressly prescribed otherwise by this section. 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. 0000000897 00000 n The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government Competition and Consumer Protection Guidance Documents, The FTC Safeguards Rule requires covered companies to develop, implement, and maintain an information security program. H.R.2714 - 118th Congress (2023-2024): To repeal certain 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 Gramm Leach Bliley Act (GLB or GLBA) was enacted in 1999. The Act also limits the sharing of account number information for marketing purposes. Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. 5 The Security Guidelines establish standards relating to administrative, technical, and physical safeguards to ensure the security, confidentiality, integrity and the Gramm-Leach-Bliley Act 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.
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