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 .
What are the three arms of GLBA?
The three sections of the GLBA that cover privacy issues are the financial privacy rule, the safeguards rule, and the pretexting provisions .
Why was GLBA created?
Since many regulations have been instituted since the 1930s to protect bank depositors, GLBA was created to allow these financial industry participants to offer more services . GLBA was passed on the heels of commercial bank Citicorp’s merger with the insurance firm Travelers Group.
What did the Financial Services Modernization Act do?
The Financial Services Modernization Act of 1999 is a law that serves to partially deregulate the financial industry . The law allows companies working in the financial sector to integrate their operations, invest in each other’s businesses, and consolidate.
What is the main purpose of the Gramm-Leach-Bliley Act quizlet?
The GLBA’s purpose was to remove legal barriers preventing financial institutions from providing banking, investment and insurance services together .
Which are three key rules of the GLBA?
The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information ; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit ...
How do I comply with GLBA?
To be GLBA compliant, financial institutions must communicate to their customers how they share the customers’ sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers’ private data in accordance with ...
What is SPF referring to under GLB?
Create a security program to protect information . Think SPF... Safeguarding. Pretexting.
Who enforces the GLBA?
The FTC is one of the federal agencies that enforces provisions of Gramm-Leach Bliley, and the law covers not only banks, but also securities firms, and insurance companies, and companies providing many other types of financial products and services.
What did the Bank Secrecy Act establish?
The Currency and Foreign Transactions Reporting Act of 1970 (which legislative framework is commonly referred to as the “Bank Secrecy Act” or “BSA”) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering.
What can you do to help protect NPI?
Protect email and files in Gmail, Google Drive, and Outlook with end-to-end encryption that prevents unauthorized third-party access to NPI shared throughout the mortgage loan process. Disable forwarding, set expiration, and revoke messages.
What is the Financial Services Modernization Act of 1999 known as?
Financial Services Modernization Act of 1999, commonly called Gramm-Leach-Bliley .
What is the GLBA Privacy Rule?
The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy . Its provisions limit when a “financial institution” may disclose a consumer’s “nonpublic personal information” to nonaffiliated third parties.
Why are mortgage brokers regulated under the GLB Act?
ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers . ... The law also requires financial institutions to give consumers the opportunity to “opt out” of the sharing of personal information.
When a building has physical contents but no occupants?
| Question Answer | When a building has physical contents but no occupants, the building is said to be: Unoccupied | Which is not found on the Declarations Page? Exclusions | What party may assign a standard property policy? The insured with prior written permission of the insurer |
|---|
What is the purpose of Do Not Call list quizlet?
The National Do Not Call Registry is a list of phone numbers from consumers who have indicated their preference to limit the telemarketing calls they receive . The registry is managed by the Federal Trade Commission (FTC), the nation’s consumer protection agency.
