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Pub. 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. This Act may be cited as the Return to Prudent Banking Act of 2023. Gramm-Leach-Bliley Act, Information Privacy, and Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). We work to advance government policies that protect consumers and promote competition. 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. The GLBA is also known as the Financial Services Modernization Act of 1999. The GrammLeachBliley Act (GLBA) provides customers to have secured information by financial institutions. L. 111203 inserted ,other than the Bureau of Consumer Financial Protection, after section 6805(a) of this title in introductory provisions. The Gramm Leach Bliley Act (GLB or GLBA) was enacted in 1999. Or, as another example, if you apply for a loan at Bank C and have no pre-existing relationship with them, you're still only considered a consumer; you become a customer only if the loan is approved and you receive the money. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 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 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. 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. An individual who is an officer, director, partner, or employee 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 may not serve at the same time as an officer, director, employee, or other institution-affiliated party of any insured depository institution. 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. 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. The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. 314.4(b)). 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. An institutions or servicers written information security program must include the following nine elements included in the FTCs regulations: Element 1: Designates a qualified individual responsible for overseeing and implementing the institutions or servicers information security program and enforcing the information security program (16 C.F.R. 6803(f)), and before disclosing any consumer's personal financial information to an unaffiliated third party, and must give notice and an opportunity for that consumer to "opt out" from such disclosure. Are you up on what the revised Rule requires? 0000005709 00000 n Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. 106-102, 113 Stat. rZ The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! endstream You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. 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. 378) is amended by adding at the end the following new subsection: For purposes of this section, the term business of receiving deposits includes the establishment and maintenance of any transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act). Gramm-Leach-Bliley Act (GLB Act) | EDUCAUSE The distinguishing feature of this kind of attack is that the scam artists comes up with a storyor pretextin order to fool the victim. 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. 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. 6801 7 0 obj 1. Sun Spectrum Communications Organization, Inc., et al. Make sure you're in compliance nowit'll protect both you and your customers. Text Josh Fruhlinger is a writer and editor who lives in Los Angeles. S.900 - Gramm-Leach-Bliley Act 106th Congress (1999 The Safeguard Rule requires that any institutions covered by the GLBA protect, via administrative, technical, and physical means, the confidentiality, integrity, and security of any nonpublic personal information that institution retains. 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. Pub. Download PDF. 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. GRAMMLEACHBLILEY ACT - Congress 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. M}f 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. 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. 78c note) is amended. L. 111203 effective on the designated transfer date, see section 1100H of Pub. 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. Section 2 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 We work to advance government policies that protect consumers and promote competition. Each report submitted to the Congress under subsection (a) shall contain a detailed description of the basis for the determination or extension. Section 6801 et seq. Also, Sections 131-133 of the Act (15 U.S.C. G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& 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. There are two different processes that people might be referring to when they talk about a GLBA audit. 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 106102, 113 Stat. 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. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. ]JX9&TN:pP2U:'%#yqQ_ ,0C5)4KzOD^W [~A5R&16 uveAgH)djZ^rM_8#!yVxW5B$} W(hgV9&O|"jJBk=DP N?nxs!]I)$y@qK endstream endobj 122 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 312 /Subtype /Type1C >> stream Data breaches (a) 0000020628 00000 n Copyright 2020 IDG Communications, Inc. The Federal Deposit Insurance Act is amended by striking section 46 (12 U.S.C. Would you like to join our advisory group to work with us on the future of GovTrack? 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. 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 | Federal Trade Commission Please sign up for our advisory group to be a part of making GovTrack a better tool for what you do. 0000008401 00000 n Regulatory Agency. 0000007555 00000 n Before sharing sensitive information, make sure youre on a federal government site. Visit us on Mastodon Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. endobj However, individuals have the right to choose whether the information is disclosed under the Act. 5 The Security Guidelines establish standards relating to administrative, technical, and physical safeguards to ensure the security, confidentiality, integrity and the Web(1) to insure the security and confidentiality of customer records and information; (2) to protect against any anticipated threats or hazards to the security or integrity of such <> L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Looking for legal documents or records? If you have questions regarding any of the GLBA requirements, please contact the FTC at 202-326-2222. 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. Institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9. 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. S.900 - Gramm-Leach-Bliley Act 106th Congress (1999-2000) Law Hide Overview . 41 note; 12 U.S.C. Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. Such institutions must develop and give notice of their privacy policies to their own customers at least annually (except where exempted under section 75001 of the Fixing America's Surface Transportation Act (FAST Act), Pub. 4 0 obj Privacy pros zero in on Title V, Subtitle A of the GLBA (15 U.S.C. endobj II. 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. The FTC Safeguards Rule requires covered companies to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information. The U.S. Senate And as we said before, a particular law might be narrow in focus, making it both simple and sensible to move it wholesale into a particular slot in the Code. Our Table of Popular Names is organized alphabetically by popular name. endobj 314.4(e)). L. 106102, title V, 510, Nov. 12, 1999, 113 Stat. H.R.2714 - 118th Congress (2023-2024): To repeal certain Notwithstanding the limitation of the January 1, 1970, approval deadline in subsection (c)(8), the Board may determine an activity to be so closely related to banking as to be a proper incident thereto for purposes of such subsection, subject to the requirements of this subsection and such terms and conditions as the Board may require. And sometimes they are meant to garner political support for a law by giving it a catchy name (as with the 'USA Patriot Act' or the 'Take Pride in America Act') or by invoking public outrage or sympathy (as with any number of laws named for victims of crimes). If you can, please take a few minutes to help us improve GovTrack for users like you. 1787, codified at 15 U.S.C. WebGrammLeachBliley Act (GLBA), Regulation R, and Retail Nondeposit Investment Sales The Gramm-Leach-Bliley Act sets forth certain exceptions for banks from the broker-dealer registration requirements of the Securities and Exchange Act of 1934. Why can't these popular names easily be found in the US Code? The FTC also provides a great deal of general data security guidance on its website. Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. The Relief Act amendment directed financial regulatory agencies to collaborate and develop a Privacy of Consumer Financial 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. Gramm Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. Under the Dodd-Frank Act, this rulemaking authority transferred to the Bureau of Consumer Financial Protection (except with respect to certain motor vehicle dealers), but the FTC continues to have enforcement authority. 6801 et seq). 314.4(g)). 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. 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. Element 3: Provides for the design and implementation of safeguards to control the risks the institution or servicer identifies through its risk assessment (16 C.F.R. governs the WebSec. CSO |. Franchisee Conversations with Chair Khan and Cmr. is the Gramm-Leach-Bliley Act, or endobj 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). It might have even set a record. "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$2`1U;V]Gobek~C&/w|udk7a+!H` 2. 15 U.S. Code 6801 - Protection of nonpublic personal 0000005185 00000 n Limitation on agency interpretation or judicial construction. This is a project of Civic Impulse, LLC. Act HW[S~o-|SI@a[`Vq;,O$;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. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 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. SM_Y9d1`uwUN:t m^3_ . L. No. The GLBA has important implications for pretexting in a couple different respects. <> Gramm Sometimes classification is easy; the law could be written with the Code in mind, and might specifically amend, extend, or repeal particular chunks of the existing Code, making it no great challenge to figure out how to classify its various parts. Pub. The regulations required all covered businesses to be in full compliance by July 1, 2001. Short title This Act may be cited as the Return to Prudent Banking Act of 2023. Subtitle B of Title V (15 U.S.C. Institutions violating the law can be fined up to $100,000 for each violation. Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. M?cW 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. 118th CONGRESS. 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. 6 0 obj The site is secure. others, or safeguarding financial assets other than money. <> To achieve the GLBA objectives, institutions and servicers are required to develop, implement, and maintain a written, comprehensive information security program. 6804(a)(1), to develop a model form.The CFTC, which did not become subject to Title V of the GLB Act until 2000, is not 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. Gramm 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. box 40751 olympia wa 98504-0751 This Electronic Announcement provides a summary of the changes to the GLBA requirements resulting from the Final Rule, explains the impacts of the changes on postsecondary institutions, and describes changes to the Department of Educations (Department) enforcement of the GLBA requirements. 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. V0! | Congress.gov | Library of Congress (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). 30 Minute Mortgage, Inc., Gregory P. Roth, and Peter W. Stolz, Garrett, Paula L. d/b/a Discreet Data Systems, Guzzetta, Victor L., d/b/a Smart Data Systems, Information Search, Inc., and David J. Kacala (District of Maryland, Northern Division). On the other hand, legislation often contains bundles of topically unrelated provisions that collectively respond to a particular public need or problem. Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, FTC Safeguards Rule: What Your Business Needs to Know. Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. 0000004180 00000 n Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 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. 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 The third major data privacy aspect of the GLBA is the Pretexting Rule. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information Text of H.R. 2714: Return to Prudent Banking Act of 2023 How the LII Table of Popular Names works. The text of the bill below is as of Apr 19, 2023 (Introduced). Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 114 (12 U.S.C. Results of search for '(su:"United States.") AND (su:"Gramm-Leach WebV, Gramm-Leach-Bliley Act (15 U.S.C. The text of the bill below is as of Apr 18, 2023 (Introduced). 3106(c)) is amended by striking paragraph (3). 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. Well be in touch. Element 9: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the requirement for its Qualified Individual to report regularly and at least annually to those with control over the institution on the institutions information security program (16 C.F.R. Now what? The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. Gramm Leach Bliley Act Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. Sometimes these names say something about the substance of the law (as with the '2002 Winter Olympic Commemorative Coin Act'). The regulations at 16 C.F.R. 1. 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. 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. GLBA explained: Definition, requirements, and compliance Text Pub. Abstract. (1971)) with regard to the permissible activities of banks and securities firms, except to the extent expressly prescribed otherwise by this section. 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.

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