gramm leach bliley act text

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Gramm-Leach-Bliley Act Laws acquire popular names as they make their way through Congress. 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. Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. Wall between commercial banks and securities activities reestablished. 0000000809 00000 n The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 1. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 0000007555 00000 n The effective date for most of the changes to the Safeguards Rule is June 9, 2023. rZ Gramm-Leach-Bliley Act (Privacy of Consumer Financial Information) Introduction . c t`njNSj:;LpCY2nu#NeNu(}:ON? Hackers/journalists/researchers: See these open data sources. 11494, 129 Stat. We are excited to now be on Mastodon, a social network developed by and for its users. 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. No determination of the Board under paragraph (1) may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. The GrammLeachBliley Act (GLBA) provides customers to have secured information by financial institutions. 1 This guide was prepared by the staff of the U.S. Securities and Exchange Commission as a "small entity compliance guide" under Section 212 of the Small Business Regulatory Enforcement Fairness Act of 1996, as amended. <> These notices must describe the privacy practices of financial institutions, including whether and how they share customers nonpublic personal information. The consequences for failure to comply with the GLBA can be severe: Our advice? 1338, enacted November 12, 1999) is an act of the Under the Standards of Administrative Capability at 34 C.F.R. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. 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. with administrative, technical, and physical safeguards designed to protect customer information. 2. Find legal resources and guidance to understand your business responsibilities and comply with the law. Section 6801 et seq. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. For instance, large educational institutions now have their GLBA compliance reviewed as part of their annual federal compliance audits that they must submit to the Department of Education. Federal government websites often end in .gov or .mil. 0000007438 00000 n 314.4(i)). 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. 1844) is amended by striking subsection (g). Element 2: Provides for the information security program to be based on a risk assessment thatidentifies reasonably foreseeableinternal and external risks to thesecurity, confidentiality, and integrity ofcustomer information (as the term customer information applies to the institution or servicer) that could resultin the unauthorized disclosure, misuse,alteration, destruction, or othercompromise of such information, andassesses the sufficiency of anysafeguards in place to control theserisks (16 C.F.R. The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. Before sharing sensitive information, make sure youre on a federal government site. 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. 2 0 obj This is a project of Civic Impulse, LLC. (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). 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. 15 U.S. Code 6801 - Protection of nonpublic personal 314.4(f)). 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. 4 0 obj What is GLBA Compliance? Understanding the Data Protection Check out their Cybersecurity Assessment Tool, which can help you identify specific areas in which your organization may not be aligned with the GLBA's requirements. 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. Therefore, an institution that does not provide for the security of the information it needs to continue its operations would not be administratively capable. 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. The distinguishing feature of this kind of attack is that the scam artists comes up with a storyor pretextin order to fool the victim.

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