Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 112 0 obj << /Linearized 1 /O 115 /H [ 1050 560 ] /L 104808 /E 30824 /N 18 /T 102449 >> endobj xref 112 22 0000000016 00000 n 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. WebThe GLBA is a federal law that became effective in the United States In 1999. Gramm-Leach-Bliley Act (GLB Act) | EDUCAUSE others, or safeguarding financial assets other than money. Place hold Add to cart endobj 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. 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. There are two different processes that people might be referring to when they talk about a GLBA audit. GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. Now what? '>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 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. 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. Provision allowing for exceptions after report to the Congress. Search the Legal Library instead. As you might expect, data privacy requirements are stricter for customers. governs the %PDF-1.2 % 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. (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). ?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#! Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. Subtitle A also requires the FTC and other agencies to issue regulations for the safeguarding of personal financial information; this authority did not transfer. L. 106-102, Nov. 12, 1999, 113 Stat. Data breaches (a) 1338, codified in relevant part primarily at 15 U.S.C. The GLBA is also known as the Financial Services Modernization Act of 1999. 7 0 obj 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. 1338, enacted November 12, 1999) is an act of the When it comes to data security and privacy compliance requirements under the GLBA, there are three main sets of regulationseach called a Rule in regulation-speakthat IT needs to worry about: the Financial Privacy Rule, the Safeguard Rule, and the Pretexting Rule. Gramm-Leach-Bliley Act 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. This process will be necessary for each IP address you wish to access the site from, requests are valid for approximately one quarter (three months) after which the process may need to be repeated. 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. Looking for legal documents or records? Element 6: Addresses how the institution or servicer will oversee its information system service providers (16 C.F.R. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. WebMaterial type: Text; Format: print ; Literary form: Not fiction Publication details: Newark, NJ : LexisNexis, 2002 Other title: Banking law Banking law : financial modernization after Gramm-Leach-Bliley Availability: Items available for loan: TEMPLE (1)Location, call number: Town Center KF974.B36 F55 2002. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. While many of these rules represent best IT practices, the legal stakes of noncompliance are high, with big fines and even potential jail time looming for those who fall short. Learn more about your rights as a consumer and how to spot and avoid scams. 378) by the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. Text Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. 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. 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. What is GLBA Compliance? Understanding the Data Protection Subject to a determination under subparagraph (B), an appropriate Federal banking agency may extend the 2-year period referred to in subparagraph (A) from time to time as to any particular insured depository institution for not more than 6 months at a time, if, in the judgment of the agency, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. 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. 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. What is the Gramm-Leach-Bliley Act? - SearchCIO The .gov means its official. Gramm We find that the law has a differential impact across the financial services industry. 314.4(i)). The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. We hope to make GovTrack more useful to policy professionals like you. 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. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". Section 5136A of the Revised Statutes of the United States (12 U.S.C. 0000000809 00000 n 314.4(d)). 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. 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. 1811 et seq.) 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. For purposes of this subsection, the terms broker and dealer have the same meanings as in section 3(a) of the Securities Exchange Act of 1934 and the terms investment adviser and investment company have the meaning given such terms under the Investment Advisers Act of 1940 and the Investment Company Act of 1940, respectively. Interagency Guidelines Establishing Information Security 1828) is amended by adding at the end the following new subsection: Prohibition on affiliation between insured depository institutions and investment banks or securities firms. Please join our advisory group to let us know what more we can do. Consumer Financial Protection Your note is for you and will not be shared with anyone. Section 8(c) of the International Banking Act of 1978 (12 U.S.C. Financial Services Modernization Act of 1999 endobj 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. 6803(e). If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! 314.4(h)). 1844(c)) is amended. WebThe Gramm Leach Bliley Act (GLBA) is a comprehensive, federal US law enacted to control the way financial institutions handle customers personal information. 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. Why can't these popular names easily be found in the US Code? So-called "Short Title" links, and links to particular sections of the Code, will lead you to a textual roadmap (the section notes) describing how the particular law was incorporated into the Code. A@Eag;>i!/z,4|$fL[c{U#Vg[(v5!@.W@Z=HBn8!yB^0 IYU^;'l"ls2b3AwBmBQ Privacy of Consumer Financial Information Rule Under the 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 Gramm-Leach-Bliley Act - International Association of Privacy 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. by redesignating clauses (ii) and (iv) as clauses (i) and (ii), respectively. 0000002995 00000 n 6801 et seq.) 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. 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. 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
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