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] 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. Would you like to join our advisory group to work with us on the future of GovTrack? 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. 6801 is amended by striking section 45. Subtitle B of Title V (15 U.S.C. endobj Now what? Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 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. 314.4(h)). Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. Institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9. 118th CONGRESS. To achieve the GLBA objectives, institutions and servicers are required to develop, implement, and maintain a written, comprehensive information security program. Make sure you're in compliance nowit'll protect both you and your customers. Part 314. 6803(f)), and before disclosing any consumer's personal financial information to an unaffiliated third party, and must give notice and an opportunity for that consumer to "opt out" from such disclosure. 0000005185 00000 n Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, FTC Safeguards Rule: What Your Business Needs to Know. The FTC also provides a great deal of general data security guidance on its website. 314.3(b)). Short title This Act may be cited as the Return to Prudent Banking Act of 2023. 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 20th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 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. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments) and section 21 of the Banking Act of 1933 (12 U.S.C. 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. Each time the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate Federal banking agency makes a determination or an extension under subparagraph (B) or (C) of paragraph (2) or (3) of section 18(bb) of the Federal Deposit Insurance Act (as added by section 2(a)) or subparagraph (B) or (C) of subsection (a)(2) or (b)(2) of section 3, as the case may be, the Board, Comptroller, or agency shall promptly submit a report of such determination or extension to the Congress. 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. 0000001588 00000 n -rKER ANQ?H_aij#]Fv'E7#_#V~Fk Jn%ENi?Px&deTCQu)7n-FuzdWo/@;5F[L{v=IMbIJ Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). 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 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. 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. governs the Parts 160 and 164, established under the Health Insurance The site is secure. How the LII Table of Popular Names works. L. 111203 inserted ,other than the Bureau of Consumer Financial Protection, after section 6805(a) of this title in introductory provisions. 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. 1st Session. Under the Standards of Administrative Capability at 34 C.F.R. 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. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 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. A@Eag;>i!/z,4|$fL[c{U#Vg[(v5!@.W@Z=HBn8!yB^0 IYU^;'l"ls2b3AwBmBQ 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. WebId., adding 15 U.S.C. An official website of the United States government. requires the FTC, along with the Federal banking agencies and other regulators, to issue regulations ensuring that financial institutions protect the privacy of consumers' personal financial information. 9 0 obj The Department intends to work with all institutions to improve their information security posture, including those that may not have yet implemented the Safeguards Rule requirements. Federal government websites often end in .gov or .mil. by redesignating clauses (ii) and (iv) as clauses (i) and (ii), respectively. 1. 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. the purposes of this Act and the Gramm-Leach-Bliley Act, the following activities as, and the extent to which such activities are, financial in nature or incidental to a financial activity: (A) Lending, exchanging, transferring, investing for. Parts 160 and 164, established under the Health Insurance 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. It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". SM_Y9d1`uwUN:t m^3_ . Are you up on what the revised Rule requires? Are you up on what the revised Rule requires? Information security safeguards are fundamental to a system of internal controls and essential for preventing disruption to these core objectives as they guard the information systems that collect, maintain, process, and disseminate student information. 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. (More Info). 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). The act re-organized financial services regulation in the The Safeguards Rule took effect ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. We are excited to now be on Mastodon, a social network developed by and for its users. or securities. q(4cY7-;xb/8" ^k 8F|$@OH4hd{}Qw2TPnvL@D\}/x(`{#AzlV}r8#$3Xlyh?/mulVHqXsBl6'O U)@P3h^IdIZVvs?L7\a H==ta<1A>OQ2fGR`?`'q_ a)0Y}XdMO}4]?q@2UtrQhp !/'r&[!Lg9jW@p "KL )DlT{8:5Dm(HzmKr{xYy=XGtU]1wNS$ZDv[DcU$SO8u%7{~sEO`2E\7gk(Tkr^d+ZYzv SBUU#$\'N_=EIDhq8UER'4&8(n@6x+r{-^?c^cRpsX&dXr\[$&B(VF*&Hn6U'/Z4M3u,bg`0 "dxm?Y\9p!82W1h:&z Mt?,`"cTcH^{x]F{=: )tL1kx.]Jn nu@y_nU{1&;I9:SGx#oHTr'7y endstream endobj 129 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 12113 /Subtype /Type1C >> stream endobj 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. Title V boldly introduces the topic of Privacy and the Disclosure of Nonpublic Personal Information. Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. 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. V0! Subject to a determination under subparagraph (B), any individual described in subparagraph (A) who, as of the date of the enactment of the Return to Prudent Banking Act of 2023, is serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution shall terminate such service as soon as practicable after such date of enactment and no later than the end of the 60-day period beginning on such date. 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. The Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. 6 0 obj 0000001912 00000 n But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. 335) is amended by striking the last sentence. 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 Or, as another example, if you apply for a loan at Bank C and have no pre-existing relationship with them, you're still only considered a consumer; you become a customer only if the loan is approved and you receive the money. \ 1828a) and section 115 (12 U.S.C. 0000004180 00000 n L. 106102, title V, 510, Nov. 12, 1999, 113 Stat. The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. Section 3(a)(4)(B) of the Securities Exchange Act of 1934 (15 U.S.C. The United States Code is meant to be an organized, logical compilation of the laws passed by Congress.

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