!`MBq!O!Xe=xB7p4IjPw 0jb7cZ5>$. 6801 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. Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. 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. 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. 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. 5 0 obj Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 114 (12 U.S.C. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, was passed in November 1999. 78c(a)(5)(C)) is amended. 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. Section 6801 et seq. Title V, subtitle A, of this Act (15 U.S.C. On the other hand, legislation often contains bundles of topically unrelated provisions that collectively respond to a particular public need or problem. 0000007171 00000 n 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. 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. Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. Deep Odyssey, a company that offers these services, puts it this way in their disclaimer: "The completion of a GLBA Audit does not ensure GLBA compliance. 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. How the LII Table of Popular Names works. 1. 4. Your note is for you and will not be shared with anyone. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. 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. This Act may be cited as the Return to Prudent Banking Act of 2023. 6821 et seq.) Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. 2. Section 4(c)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. Contributing writer, 1338. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 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. It is a United States federal law that requires financial 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. When it comes to the Privacy Rule, the GLBA makes a distinction between different types of people a company interacts with. 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. endobj ), was designed to regulate the disclosure and protection of nonpublic personal information (NPI) collected by a financial institution from an individual in order to obtain a financial product or service from the institution for personal, family, or 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). 314.4(c)). Sun Spectrum Communications Organization, Inc., et al. on this bill on a six-point scale from strongly oppose to strongly support. 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. 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. GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. The consequences for failure to comply with the GLBA can be severe: Our advice? Orderly wind-down of existing affiliation. 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. The GLBA has important implications for pretexting in a couple different respects. 0000005709 00000 n II. 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 WebThe GrammLeachBliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. rZ 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. 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). To achieve the GLBA objectives, institutions and servicers are required to develop, implement, and maintain a written, comprehensive information security program. 0JjvQ R Element 8: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the establishment of an incident response plan (16 C.F.R. on the GLB Act requirements for financial privacy notices. endobj 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. If you have questions about the Departments enforcement of the GLBA, please contact the Cybersecurity Team at fsaschoolcybersafety@ed.gov. 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. As you might expect, data privacy requirements are stricter for customers. 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. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule), an important component of the Gramm-Leach-Bliley Acts (GLBA) requirements for protecting the privacy and personal information of consumers. endobj 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. Please help us make GovTrack better address the needs of educators by joining our advisory group. 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. 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. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Pub. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. Learn more about your rights as a consumer and how to spot and avoid scams. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 0000000809 00000 n Wall between commercial banks and securities activities reestablished. 314.4(i)). 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 0000001610 00000 n Each of these individual provisions would, logically, belong in a different place in the Code. You are encouraged to reuse any material on this site. The regulations required all covered businesses to be in full compliance by July 1, 2001. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved.
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