!/'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\[$&B(VF*&Hn6U'/Z4M3u,bg`0 "dxm?Y\9p!82W1h:&z Mt?,`"cTcH^{x]F{=: )tL1kx.]Jn nu@y_nU{1&;I9:SGx#oHTr'7y endstream endobj 129 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 12113 /Subtype /Type1C >> stream Sun Spectrum Communications Organization, Inc., et al. 1338, codified in relevant part primarily at 15 U.S.C. Limitation on agency interpretation or judicial construction. Guide to the Gramm "6hfeLT*RWCW\O^ ~UTdhD/~p(&uJUCPu~}12k$kKq!/ uC}$Bw5C|W?3pK%>S@aMiVe+JS\5vP tVZ_XOh%$ HX6fZE,)HYPo6|QZBJ%0LNNJP$@z7E+F+#}S`2?1$T&M_f ~H?Ld:92#h-2ipM#7$2`1U;V]Gobek~C&/w|udk7a+!H` This Act may be cited as the Return to Prudent Banking Act of 2023. 6701(g)). You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. 0000005709 00000 n An insured depository institution may not be or become an affiliate of any broker or dealer, any investment adviser, any investment company, or any other person engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities. Text But the framers of the law correctly foresaw that by loosening existing banking regulations, they were opening the door to the creation of huge, sprawling firms offering an array of services ranging from checking accounts to high-end investmentsand that these companies would have access to huge amounts of customer information. WebSec. 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. Guide to the GrammLeachBliley Act - International Association of 106-102, 113 Stat. The table of sections for chapter one of title LXII of the Revised Statutes of the United States is amended by striking the item relating to section 5136A. The text of the bill below is as of Apr 19, 2023 (Introduced). The Digital Guardian blog breaks down some of the specific steps that companies covered by the GLBA should take so as to get their house in order and ensure that they're in compliance with this Rule. If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". q(4cY7-;xb/8" ^k 8F|$@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 We work to advance government policies that protect consumers and promote competition. 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. 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. 1st Session. Copyright 2020 IDG Communications, Inc. 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. Our Table of Popular Names is organized alphabetically by popular name. Is your company following the requirements of the Privacy Rule? Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. We work to advance government policies that protect consumers and promote competition. 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. 1831w). 314.4(d)). In cases where no data breaches have occurred and the institutions or servicers security systems have not been compromised, if the Department determines that an institution or servicer is not in compliance with all of the Safeguards Rule requirements, the institution or servicer will need to develop and/or revise its information security program and provide the Department with a Corrective Action Plan (CAP) with timeframes for coming into compliance with the Safeguards Rule. If you can, please take a few minutes to help us improve GovTrack for users like you. Would you like to join our advisory group to work with us on the future of GovTrack? Likens., In the Matter of, 77 Investigations, Inc. and Reginald Kimbro, CEO Group, Inc. d/b/a Check Em Out, and Scott Joseph. On the other hand, government agencies can and do include GLBA compliance criteria in their audits of institutions covered by 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. 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. It is a United States federal law that requires financial c t`njNSj:;LpCY2nu#NeNu(}:ON? Gramm-Leach-Bliley Act | Federal Trade Commission Part 314. 1787, codified at 15 U.S.C. 1338, codified in relevant part primarily at 15 U.S.C. 5 The Security Guidelines establish standards relating to administrative, technical, and physical safeguards to ensure the security, confidentiality, integrity and the We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 15 U.S. Code 6801 - Protection of nonpublic personal Definition, examples and prevention, business continuity and disaster recovery, The 10 most powerful cybersecurity companies, 7 hot cybersecurity trends (and 2 going cold), The Apache Log4j vulnerabilities: A timeline, Using the NIST Cybersecurity Framework to address organizational risk, 11 penetration testing tools the pros use, Designate employees to coordinate an infosec program, Identify risks to customer information across your company and assess the effectiveness of your current safeguards, Design, implement, monitor, and test an overarching safeguard program, Select service providers that are able to meet the requirements of the GLBA, and write that into your contract with them, Continually evaluate your program as circumstances and the threat landscape change, Understand the regulations and how they apply to you, Conduct a risk assessment (more on which in a moment), Ensure that effective controls are in place to mitigate risks, Make sure your service providers are GLBA-compliant, Confirm that you're meeting Privacy Rule requirements, Update your disaster recovery and business continuity plans, Prepare a written information security plan (WISP) a formal document of this type is a GLBA requirement, Report to the board the GLBA requires those responsible for inforsec make an annual report to an organizations managing board on GLBA compliance. Wall between commercial banks and securities activities reestablished. 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. 510 GRAMM-LEACH-BLILEY ACT14 (8) STATE INSURANCE AUTHORITY.The term State insur- ance authority means, in the case of any person engaged in providing The Relief Act amendment directed financial regulatory agencies to collaborate and develop a Text 6801 et seq.) Sponsor: Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. Privacy of Consumer Financial Information Rule Under the 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. Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties. 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. It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". The Gramm Leach Bliley Act (GLB or GLBA) was enacted in 1999. The GLBA is also known as the Financial Services Modernization Act of 1999. %yH@ZZ8S-!$kC6=Rj@lExtQeY.OBkkn5L2]Clt`k=I[/BX*"AWpxjh,7bR4Eq[uL&-ey9D/1R*p95.^?s/KZ5/q-jj!h#,!Q Your note is for you and will not be shared with anyone. Find legal resources and guidance to understand your business responsibilities and comply with the law. 0000001912 00000 n 314.4(f)). 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. Our mission is to empower every American with the tools to understand and impact Congress. You'll find three types of link associated with each popular name (though each law may not have all three types). 0000001610 00000 n 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). 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. Interagency Guidelines Establishing Information Security requires the FTC, along with the Federal banking agencies and other regulators, to issue regulations ensuring that financial institutions protect the privacy of consumers' personal financial information. Section 6801 et seq. You'll need to: The Safeguard Rule's mandates are generally phrased in terms of outcomes rather than specific infosec techniques that are required to achieve those outcomes. 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. This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. (More Info). Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. Gramm-Leach-Bliley Act M?cW Text for 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. (1971)) as to the construction and the purposes of such provisions. We are excited to now be on Mastodon, a social network developed by and for its users. 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. GLBA consumer vs. customer. Standards for Safeguarding Customer Information Franchisee Conversations with Chair Khan and Cmr. The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 (15 USC 6801 et seq. Hackers/journalists/researchers: See these open data sources. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 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. As a result, often the law will not be found in one place neatly identified by its popular name. 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. 6821 et seq.) Postsecondary institutions and third-party servicers must protect student financial aid information provided to them by the Department or otherwise obtained in support of the administration of the Federal student financial aid programs (Title IV programs) authorized under Title IV of the Higher Education Act of 1965, as amended (HEA). The Department intends to work with all institutions to improve their information security posture, including those that may not have yet implemented the Safeguards Rule requirements. 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 (b). 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. 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. Gramm-Leach-Bliley Act An Act to Enhance Competition in the Financial Services Industry by Providing a Prudential Framework for the Affiliation of Banks, Securities Firms, Insurance Companies, and Other Financial Service Providers, and for Other Purposes Public Law 106-102, 106th Congress, S. 900 NOTE: 113 Stat. endobj %PDF-1.5 % \ 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. It's also worth noting that, from the GLBA's perspective, part of safeguarding data involves having business continuity and disaster recovery plans in place, in case some catastrophic breach or data loss occurs that will affect your customers. S.900 - Gramm-Leach-Bliley Act 106th Congress (1999-2000) Law Hide Overview . 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. [ 1] The GLBA provides a framework for regulating the privacy and data security practices of a broad range of financial institutions. 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. The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. In Dear Colleague LettersGEN-15-18andGEN-16-12, we reminded institutions about the longstanding requirements of GLBA and notified them of our intention to begin enforcing the legal requirements of GLBA through annual compliance audits. endobj 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. 314.4(c)(1) through (8). If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! The regulations at 16 C.F.R. by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. <> 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. WebGLB. Hopefully our description of the GLBA's broad reach makes it clear why the Department of Education is involved in enforcing a financial service law. The GLBA has important implications for pretexting in a couple different respects. 1841) is amended by striking subsection (p). Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 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. 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. Institutions or servicers provide a financial service when they, among other things, administer or aid in the administration of the Title IV programs; make institutional loans, including income share agreements; or certify or service a private education loan on behalf of a student. 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. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 78c(a)(4)(B)) is amended, by striking clauses (i), (iii), (v), (vii), (x), and (xi); and. Apr 26, 2023, But presidents still wouldnt be able to move their legal cases to the shows The Peoples Court or Divorce Court. That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. 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. 1445, provided that: to insure the security and confidentiality of customer records and information; to protect against any anticipated threats or hazards to the security or integrity of such records; and. Anyone who obtains financial products or services from a company is dubbed a consumer, but consumers who maintain a continuing relationship with that institution are customers.
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