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 is covered under GLBA?
Nonpublic personal information includes Social Security numbers, credit and income histories, credit and bank card account numbers , phone numbers, addresses, names, and any other personal customer information received by a financial institution that is not public.
Which of the following would not be covered by the GLB Act?
Which of the following would not be covered by the GLB Act? The answer is: D. Appraiser . The Gramm-Leach-Bliley Act requires financial institutions to give privacy notices to consumers, explaining their information-sharing policies.
Which of the following provisions does the Gramm-Leach-Bliley Act make?
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 ...
What are the 3 sections of GLBA?
As part of your GLBA compliance requirement, you are required to meet the three sections of the Act. These sections include The Financial Rule, The Safeguards Rule, and The Pretexting Provisions.
What is the GLBA Safeguards Rule?
The GLBA Safeguards Rule requires CU to implement safeguards to ensure the security and confidentiality of certain nonpublic personal information (NPI) that is obtained when CU offers or delivers a financial product or service to an individual for personal, family, or household purposes.
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.
Who enforces the GLBA?
Protecting Consumers’ Financial Privacy
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 is SPF referring to under GLB?
Think SPF... Safeguarding . Pretexting . Financial privacy .
What is a GLBA risk assessment?
The Gramm Leach Bliley Act (GLBA) specifies what financial institutions are required to do to protect the privacy of their customers . Our GLBA Risk Assessment involves: ... Listing each technology and vendor service and categorizing these systems based on the data they process or store.
Which industry is most impacted by the Gramm Leach Bliley Act?
We find that the law has a differential impact across the financial services industry . All three industries have gained due to this law with commercial banks benefiting most, followed by the insurance industry.
Can bank disclose customer information to third party?
Prohibition on sharing account numbers: The privacy rule prohibits a bank from disclosing an account number or access code for credit card, deposit, or transaction accounts to any nonaffiliated third party for use in marketing. The rule contains two narrow exceptions to this general prohibition.
What is Nppi?
Non-public Personal Information (NPPI) is personal identifiable data provided by a customer or client generally on a form or application. ... The requirements to protect confidential client information, which includes a client’s identity, are set forth in Rule 1.6 and its comments.
How many titles does GLBA act have?
| Citations | Titles amended 12 U.S.C. : Banks and Banking 15 U.S.C.: Commerce and Trade |
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What is the Reg letter for the Gramm Leach Bliley Act?
It requires notice to consumers about a financial institution’s privacy policies and practices, describes when nonpublic personal information may be disclosed to nonaffiliated third parties, and provides mechanisms for consumers to “opt out” from information sharing in certain circumstances.
What is another name for obtaining information under false pretenses and what does that have to do with GLBA?
Fifth, certain types of “ pretexting ” were prohibited by the GLBA. Pretexting is the practice of collecting personal information under false pretenses. Pretexters pose as authority figures (law enforcement agents, social workers, potential employers, etc.)
