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 text of the bill below is as of Apr 19, 2023 (Introduced). Make sure you're in compliance nowit'll protect both you and your customers. The law requires 0000000897 00000 n The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. Integrity Security & Investigation Services, Inc. Superior Mortgage Corp., In the Matter of, Sunbelt Lending Services, Inc., In the Matter of, Nationwide Mortgage Group, Inc., and John D. Eubank, In the Matter of. If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! Apr 25, 2023. If you have questions regarding any of the GLBA requirements, please contact the FTC at 202-326-2222. One, a reference to a Public Law number, is a link to the bill as it was originally passed by Congress, and will take you to the LRC THOMAS legislative system, or GPO FDSYS site. The 20th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. Section 6801 et seq. We love educating Americans about how their government works too! The .gov means its official. Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. 335) is amended by striking the last sentence. Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. 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 0000020628 00000 n 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. Element 2: Provides for the information security program to be based on a risk assessment thatidentifies reasonably foreseeableinternal and external risks to thesecurity, confidentiality, and integrity ofcustomer information (as the term customer information applies to the institution or servicer) that could resultin the unauthorized disclosure, misuse,alteration, destruction, or othercompromise of such information, andassesses the sufficiency of anysafeguards in place to control theserisks (16 C.F.R. 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. 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. by redesignating paragraph (5) as paragraph (3). Gramm-Leach-Bliley Act Gramm-Leach Please sign up for our advisory group to be a part of making GovTrack a better tool for what you do. Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, (GENERAL-23-09) The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. 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. Section 6801 et seq. This is information that a financial institution collects when providing a financial product or service that can identify an individual and that isnt otherwise publicly available. 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. It is a United States federal law that requires financial 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. Search the Legal Library instead. 1843(c)(8)) is amended to read as follows: (8) shares of any company the activities of which had been determined by the Board by regulation or order under this 1st Session. The FTC also provides a great deal of general data security guidance on its website. 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). 4 0 obj But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. -rKER ANQ?H_aij#]Fv'E7#_#V~Fk Jn%ENi?Px&deTCQu)7n-FuzdWo/@;5F[L{v=IMbIJ Place hold Add to cart The .gov means its official. The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had been banned since the Great Depression. Subtitle A also requires the FTC and other agencies to issue regulations for the safeguarding of personal financial information; this authority did not transfer. 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. SM_Y9d1`uwUN:t m^3_ . 1811 et seq.) The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. The FTC is one of the primary enforcement arms; it notched a recent settlement with PayPal over violations from the company's Venmo service, for instance. 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. At a minimum, the written information security program must address the implementation of the minimum safeguards identified in 16 C.F.R. 0000006100 00000 n on this bill on a six-point scale from strongly oppose to strongly support. Josh Fruhlinger is a writer and editor who lives in Los Angeles. Prohibition on banking activities by securities firms clarified. 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. 6801 et seq.) 1. by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. 6701(g)). WebThe GLBA is a federal law that became effective in the United States In 1999. Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 314.4(i)). 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. 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 Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 114 (12 U.S.C. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Therefore, an institution that does not provide for the security of the information it needs to continue its operations would not be administratively capable. WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. Our Table of Popular Names is organized alphabetically by popular name. If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. 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. 0000002995 00000 n :o8}*uj & S)72Uf'uWrTN03Mct-+r"vp=VC&:)7a\]mIsZ'>:g]bY4b2}`I TXfcme*1:1Ve{@#*b8$8+Ty;^uWLXU)@l)LRU>u}Ub8ga7qn`) gZ?I"6 endstream endobj 123 0 obj << /Type /Encoding /Differences [ 32 /space 191 /questiondown 248 /oslash ] >> endobj 124 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 296 >> stream HTQj@}Ygv5/"M";eag|BG y ^#XmRdPRj"\mc@FRDq+7{ER6{,_{kDF0Z"nd/b>oOc%"!a(N9!`bH.^"3=TgoNqe#k# ^TW=\wR}B >r? The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties. Youve cast your vote. A BILL To amend the Gramm-Leach-Bliley Act to establish procedures for disclosures by financial institutions of nonpublic personal information, and for other purposes. Find the resources you need to understand how consumer protection law impacts your business. 32k!6=uHSj\-1UIC]Li5]|:suWR+R4;<0{PC\ZW]dt T|Q}!s\7BRmgCJI$X=r+FetvXT.26T ) 2wJ~j^5}7=(E 0gZ%A6d;bn@ i, )Pn\|-b>T,9:4 (iF]v';#?o6**O bh*0He [WEn s)xsTW?%iF!$*gE}+3iC/h()X&/23dusoe _~?fup}1\xGl ba7#&a 22=b-;`$&4?m #c$Wv(9y^/UR|P{Of'`N&;z TBGWbKw9DCvT] by inserting and after the semicolon at the end of paragraph (4); in paragraph (5)(B)(ii), by striking ; or and inserting a period; and. Summary of 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. WebId., adding 15 U.S.C. 0000000809 00000 n Would you like to join our advisory group to work with us on the future of GovTrack? The changes to the Safeguards Rule are effective June 9, 2023. The site is secure. 106102, 113 Stat. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 (15 USC 6801 et seq. The Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. 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. Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? Looking for legal documents or records? We are also still on Instagram at @govtrack.us posting 60-second video summaries of legislation in Congress. Copyright 2023 IDG Communications, Inc. CSO provides news, analysis and research on security and risk management, Security and privacy laws, regulations, and compliance: The complete guide. Amendment by Pub. As you might expect, data privacy requirements are stricter for customers. 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. 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. %yH@ZZ8S-!$kC6=Rj@lExtQeY.OBkkn5L2]Clt`k=I[/BX*"AWpxjh,7bR4Eq[uL&-ey9D/1R*p95.^?s/KZ5/q-jj!h#,!Q endobj GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. 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 Visit us on Mastodon 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. An official website of the United States government. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. Regulatory Agency. It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the "Short Title". See also infra discussion at section II.A. GLBA consumer vs. customer. On the other hand, legislation often contains bundles of topically unrelated provisions that collectively respond to a particular public need or problem. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! 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. Why can't these popular names easily be found in the US Code? The reasoning of the Supreme Court of the United States in the case referred to in paragraph (1) with respect to sections 20 and 32 of the Banking Act of 1933 (as in effect prior to the date of the enactment of the Gramm-Leach-Bliley Act) shall continue to apply to subsection (bb) of section 18 of the Federal Deposit Insurance Act (as added by subsection (a) of this section) except to the extent the scope and application of such subsection as enacted exceed the scope and application of such sections 20 and 32. As the name suggests, the purpose of the Federal Trade Commissions Standards for Safeguarding Customer Information the Safeguards Rule, for short is to ensure that entities covered by the Rule maintain safeguards to protect the security of customer information.
Fun Streamelements Commands,
Can Correctional Officers Carry Guns Off Duty,
Articles G