Part 314. Pub. -rKER ANQ?H_aij#]Fv'E7#_#V~Fk Jn%ENi?Px&deTCQu)7n-FuzdWo/@;5F[L{v=IMbIJ <>stream 378) by the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. Privacy of Consumer Financial Information Rule Under the If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request. Apr 25, 2023. An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. Gramm-Leach-Bliley Act Gramm-Leach (More Info). We love educating Americans about how their government works too! 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 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.). Section 4(c)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. 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. comply with the GLBA Act These would take the form of strict requirements about evidence people need to provide to prove they have the right to information they're trying to access, along with staff training to recognize and push back against phishing and other forms of pretexting. "[B&9y>2A}N"c`:s5IL[P=XR4xu w="(.lU[_ 3[aT!x,HfWZI_>2pq9:Nj!l 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. Please help us make GovTrack better address the needs of educators by joining our advisory group. 6801 1. We find that the law has a differential impact across the financial services industry. <> Before sharing sensitive information, make sure youre on a federal government site. Copyright 2020 IDG Communications, Inc. 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. 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. Pub. This Act may be cited as the Return to Prudent Banking Act of 2023. 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. Are you up on what the revised Rule requires? You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. Definition of activities closely related to banking. 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. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued by the United States Department of Health and Human Services, 45 C.F.R. As a result, often the law will not be found in one place neatly identified by its popular name. GrammLeachBliley Act Text 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. A@Eag;>i!/z,4|$fL[c{U#Vg[([email protected]@Z=HBn8!yB^0 IYU^;'l"ls2b3AwBmBQ 0000006100 00000 n And starting in 2019 well be tracking Congresss oversight investigations of the executive branch. GovTrack.us is not a government website. 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. WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. The Relief Act amendment directed financial regulatory agencies to collaborate and develop a 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 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. 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. Are you up on what the revised Rule requires? Privacy of Consumer Financial Information Rule Under the Gramm-Leach-Bliley Act A Rule by the Federal Trade Commission on 12/09/2021 Document Details Printed See also infra discussion at section II.A. 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. 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. In April of 2022, the FTC issued a new publication entitled FTC Safeguards Rule: What Your Business Needs to Know, which is meant to act as a compliance guide to ensure that entities covered by the Safeguards Rule maintain safeguards to protect the security ofcustomer information. Text 1. We work to advance government policies that protect consumers and promote competition. 0000002543 00000 n S. 900 (106 th ): Gramm-Leach-Bliley Act - GovTrack.us This is, obviously, a very broad mandate, though the good news is that it's obviously also a set of best practices that any organization that retains personal data ought to be following anyway; it's also broadly similar to regulatory mandates imposed on other industries like health care, so companies covered by multiple sets of regulations shouldn't have to duplicate work. 0000000897 00000 n Search the Legal Library instead. The GrammLeachBliley Act (GLBA) provides customers to have secured information by financial institutions. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information endobj Gramm-Leach-Bliley Act | Federal Trade Commission Your note is for you and will not be shared with anyone. Element 4: Provides for the institution or servicer to regularly test or otherwise monitor the effectiveness of the safeguards it has implemented (16 C.F.R. The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. Find the resources you need to understand how consumer protection law impacts your business. Youve cast your vote. The first is that it explicitly makes it illegal to use pretexting to try to gain access to the information about victims held by a financial institution covered by the Act. 314.4(b)). 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. 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. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued by the United States Department of Health and Human Services, 45 C.F.R. "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` Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 314.4(f)). Short title. Repeated non-compliance by an institution or a servicer may result in an administrative action taken by the Department, which could impact the institutions or servicers participation in the Title IV programs. 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. box 40751 olympia wa 98504-0751 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. WebGLB. Standards for Safeguarding Customer Information 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. 7 0 obj with administrative, technical, and physical safeguards designed to protect customer information. Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 0000003542 00000 n 0000005185 00000 n Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. endobj 106-102, 113 Stat. 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). 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. The GLBA is also known as the Financial Services Modernization Act of 1999. Institutions or servicers that maintain student information for fewer than 5,000 consumers are only required to address the first seven elements. 314.4(c)(1) through (8). 314.4(g)). 2. It may seem a bit strange at first that a financial services law has such a profound impact on IT and data security. 314.4(d)). 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. Well be in touch. Gramm-Leach-Bliley Act (GLB Act) | EDUCAUSE Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Learn more about your rights as a consumer and how to spot and avoid scams. To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner Gramm Leach Bliley Act Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. Section 6801 et seq. 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. 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. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. WebThe GLBA is a federal law that became effective in the United States In 1999. 4. The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. Guide to the Gramm Also, Sections 131-133 of the Act (15 U.S.C. 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. 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 0000001912 00000 n 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. The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. WebThis paper examines the impact of Gramm-Leach-Bliley Act across three main sectors of the financial services industry: commercial banks, insurance companies, and brokerage firms, taking account of the wealth effect associated with the announcement. Element 7: Provides for the evaluation and adjustment of its information security program in light of the results of the required testing and monitoring; any material changes to its operations or business arrangements; the results of the required risk assessments; or any other circumstances thatit knows or has reason to know mayhave a material impact the information security program (16 C.F.R. Our mission is to empower every American with the tools to understand and impact Congress. Thank you for joining the GovTrack Advisory Community! Wall between commercial banks and securities activities reestablished. GRAMMLEACHBLILEY ACT - Congress 1843) is amended by striking subsections (k), (l), (m), (n), and (o). 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. !`MBq!O!Xe=xB7p4IjPw 0jb7cZ5>$. 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. 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. When it comes to the Privacy Rule, the GLBA makes a distinction between different types of people a company interacts with. By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. 24a) is amended to read as follows: In the case of a national bank which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with a financial subsidiary as of the date of the enactment of this Act, such affiliation 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. 1. 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. 6803(e). 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. 0000005709 00000 n TOPN: Gramm-Leach-Bliley Act - LII / Legal Information Likens., In the Matter of, 77 Investigations, Inc. and Reginald Kimbro, CEO Group, Inc. d/b/a Check Em Out, and Scott Joseph. 2010Subsec. You are encouraged to reuse any material on this site. As these descriptions should make clear, getting ready for the GLBA is a big effort, but it will largely overlap with needed cybersecurity measures that any institution should be taking. <>stream L. 111203 effective on the designated transfer date, see section 1100H of Pub. WebId., adding 15 U.S.C. <> The Comptroller of the Currency, 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 Comptroller determines, having due regard for 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. Looking for legal documents or records? %PDF-1.2 % 6801 et seq). endobj Visit us on Mastodon Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. The .gov means its official. Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. Gramm 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. Any affiliation of an insured depository institution with any broker or dealer, any investment adviser, any investment company, or any other person, as of the date of the enactment of the Return to Prudent Banking Act of 2023, which is prohibited under paragraph (1) 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. 1844(c)) is amended. Subtitle B of Title V (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. 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. 0000000809 00000 n 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. 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. governs the 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.
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