0000007555 00000 n WebThe GLBA is a federal law that became effective in the United States In 1999. On February 28, 2020, we issued an Electronic Announcement that explained the Departments procedures for enforcing those requirements and the potential consequences for institutions or servicers that fail to comply. 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). trailer << /Size 134 /Info 110 0 R /Encrypt 114 0 R /Root 113 0 R /Prev 102438 /ID[<5846b0805e7089b473388c4c36e8c2e1>] >> startxref 0 %%EOF 113 0 obj << /Type /Catalog /Pages 98 0 R /Metadata 111 0 R /JT 109 0 R >> endobj 114 0 obj << /Filter /Standard /R 2 /O (~}!P RZW#YvN.\n) /U (MvY_E^PJ.+w) /P -12 /V 1 /Length 40 >> endobj 132 0 obj << /S 437 /T 505 /Filter /FlateDecode /Length 133 0 R >> stream Gramm The Gramm Leach Bliley Act (GLB or GLBA) was enacted in 1999. 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. G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& <> If youve visited a bill page on GovTrack.us recently, you may have noticed a new study guide tab located just below the bill title. 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). 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. If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! 1. 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. to the extent that a later date is specified in the rules prescribed under section 504; and, In furtherance of the policy in subsection (a), each agency or authority described in, This subtitle [subtitle A (501510) of title V of. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 314.3(b)). Gramm-Leach-Bliley Act | Federal Trade Commission On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information 9 0 obj Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. Nor will a full-text search of the Code necessarily reveal where all the pieces have been scattered. SM_Y9d1`uwUN:t m^3_ . The U.S. Senate "[B&9y>2A}N"c`:s5IL[P=XR4xu w="(.lU[_ 3[aT!x,HfWZI_>2pq9:Nj!l [ 1] The GLBA provides a framework for regulating the privacy and data security practices of a broad range of financial institutions. Parts 160 and 164, established under the Health Insurance 78c note) is amended. 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. Gramm-Leach-Bliley Act (Privacy of Consumer Financial Information) Introduction . by striking paragraph (6) and all that follows through the end of such subsection. H. R. 2714. The law applies to any business that is "significantly engaged" in providing financial products or services to consumers. <> 0JjvQ R 0000001782 00000 n Section 6801 et seq. on this bill on a six-point scale from strongly oppose to strongly support. 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. Pub. In the case of a bank holding company which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with any entity that was permissible for a financial holding company, any affiliation by the bank holding company which is not permitted for a bank holding company shall be terminated as soon as practicable and in any event no later than the end of the 2-year period beginning on such date of enactment. Sponsor: L. No. It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". 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. Privacy of Consumer Financial WebThe Gramm-Leach-Bliley Act is named for the lawmakers who sponsored it: Sen. Phil Gramm (R-Texas), Rep. Jim Leach (R-Iowa) and Rep. Thomas Bliley (R-Va.). Guide to the GrammLeachBliley Act - International Association of (b). \ (1971)) as to the construction and the purposes of such provisions. 6 0 obj 78c(a)(4)(B)) is amended, by striking clauses (i), (iii), (v), (vii), (x), and (xi); and. Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. The regulations required all covered businesses to be in full compliance by July 1, 2001. 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. Join GovTrack.uss Inner Circle With a Yearly Membership, In retaliation for prosecutor Alvin Bragg indicting Trump, ALVIN Act would ban federal funds for, On March 29, Arizona Republican Andy Biggs introduced a (possible record) 521 bills in one day, No More Political Prosecutions Act would give presidents like Trump option to move their legal. 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. 0000004180 00000 n 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. >vz6 The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. How the LII Table of Popular Names works. Gramm-Leach-Bliley Act 668.16(c), an institution is required to have an adequate system of internal controls that provides reasonable assurance that the institution will achieve its objectives regarding reporting, operations, and compliance. 0000003542 00000 n Such audits can provide invaluable feedback, but keep in mind that they're essentially just providing a second opinion from a private company, not offering the United States Federal government's seal of approval. 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. 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 Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. GLBA consumer vs. customer. Why can't these popular names easily be found in the US Code? Privacy pros zero in on Title V, Subtitle A of the GLBA (15 U.S.C. 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 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. HW[S~o-|SI@a[`Vq;,O$;NmqI}3 c`~0B t1T'0]c6D(6vp>t-1z-sqn.ax=j-T;mY>qI6a6Z7jIoJQUrc01Q(4@> Dy" )v{QuZPoRA%4._`xJWiJ5UfI,WcKEE)U:R.kXGuDSP:-wMWMs\_NO%SEi(|o6X( j)E%*Cuf<1ULPkz?FyRaB>E^kT{">[ZZI($>OIdvD&b2 xU2m ?XTDI. 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. 1338, enacted November 12, 1999) is an act of the endobj The .gov means its official. The Gramm-Leach-Bliley Act (GLBA) generally requires that financial institutions send annual privacy notices to customers. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, (GENERAL-23-09) (More Info). S. 900 (106 th ): Gramm-Leach-Bliley Act - GovTrack.us 1338, codified in relevant part primarily at 15 U.S.C. 5 0 obj Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). Definition of activities closely related to banking. 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. Regulatory Agency. 2. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, was passed in November 1999. The general public may be most aware of the GLBA in the context of debates as to whether it helped cause the 2008 subprime mortgage crisis, but for IT professionals, it's much better known for the data security and privacy mandates it imposes on a wide range of companies and organizations, even beyond the banking industry. Title V, subtitle A, of this Act (15 U.S.C. 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. Would you like to join our advisory group to work with us on the future of GovTrack? ?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#! We hope to enable educators to build lesson plans centered around any bill or vote in Congress, even those as recent as yesterday. Title V boldly introduces the topic of Privacy and the Disclosure of Nonpublic Personal Information. "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( Updates to the Gramm-Leach-Bliley Act Cybersecurity 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. 11494, 129 Stat. 314.4(d)). WebV, Gramm-Leach-Bliley Act (15 U.S.C. 3 0 obj TOPN: Gramm-Leach-Bliley Act - LII / Legal Information It may seem a bit strange at first that a financial services law has such a profound impact on IT and data security. Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. The law requires 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. This is a project of Civic Impulse, LLC. Slaughter. !`MBq!O!Xe=xB7p4IjPw 0jb7cZ5>$. The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. 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. The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. 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. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Before sharing sensitive information, make sure youre on a federal government site. 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. Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. WebFinally, acts may be referred to by a different name, or may have been renamed, the links will take you to the appropriate listing in the table. %PDF-1.5 % is amended by striking section 45. 314.4(g)). One, a reference to a Public Law number, is a link to the bill as it was originally passed by Congress, and will take you to the LRC THOMAS legislative system, or GPO FDSYS site. Help us develop the tools to bring real-time legislative data into the classroom. The Safeguards Rule took effect ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. The list of businesses that fall under this heading is broad, and includes debt collectors, real estate appraisers, automobile dealers, and even higher education institutions, which maintain bursar accounts for students and administer student loans. <> That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. There are two different processes that people might be referring to when they talk about a GLBA audit. By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. <> For example, consumers who aren't customers are only entitled to privacy and opt-out notices if an institution makes specific plans to share those consumers' data with third parties; customers have these rights as soon as they establish a customer relationship. Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844) is amended by striking subsection (g). 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. WebThe Gramm-Leach-Bliley Act requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to 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 However, individuals have the right to choose whether the information is disclosed under the Act. 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. prohibits obtaining customer information of a financial institution by false pretenses. Text 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. Find the resources you need to understand how consumer protection law impacts your business. The Relief Act amendment directed financial regulatory agencies to collaborate and develop a 2010Subsec. Is your company following the requirements of the Privacy Rule? Section 6801 et seq. Financial Services Modernization Act of 1999 Text 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. 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The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. Privacy of Consumer Financial Information Rule Under the The regulations at 16 C.F.R. 6801 We hope to make GovTrack more useful to policy professionals like you. Franchisee Conversations with Chair Khan and Cmr. Institutions and servicers also sign the Student Aid Internet Gateway (SAIG) Enrollment Agreement, which states that they will ensure that all Federal Student Aid applicant information is protected from access by, or disclosure to, unauthorized personnel, and that they are aware of and will comply with all of the requirements to protect and secure data obtained from the Departments systems for the purposes of administering the Title IV programs. For instance, someone might call up your bank, armed with a few pieces of information about you like your address or social security number, and try to bluff them into giving them more information, or even access to your account. 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.

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