0000005709 00000 n L. 106-102, Nov. 12, 1999, 113 Stat. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. 335) is amended by striking the last sentence. When it comes to the Privacy Rule, the GLBA makes a distinction between different types of people a company interacts with. Subject to a determination under subparagraph (B), the Comptroller of the Currency may extend the 2-year period referred to in subparagraph (A) above from time to time as to any particular national bank for not more than 6 months at a time, if, in the judgment of the Comptroller, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. 0000008401 00000 n 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. Gramm 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. Repeated non-compliance by an institution or a servicer may result in an administrative action taken by the Department, which could impact the institutions or servicers participation in the Title IV programs. 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. 0000001050 00000 n Prohibition on banking activities by securities firms clarified. Any GLBA findings identified through a compliance audit, or any other means, after the effective date will be resolved by the Department during the evaluation of the institutions or servicers information security safeguards required under GLBA as part of the Departments final determination of an institutions administrative capability. Contributing writer, It is a United States federal law that requires financial WebAct of 1956 (12 U.S.C. 314.3(b)). 2. Pub. L. No. Sponsored item title goes here as designed, The security laws, regulations and guidelines directory, What is pretexting? 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. An institutions or servicers written information security program must include the following nine elements included in the FTCs regulations: Element 1: Designates a qualified individual responsible for overseeing and implementing the institutions or servicers information security program and enforcing the information security program (16 C.F.R. Text 314.4(i)). From the perspective of infosec pros, though, the more immediately important aspect of the Pretexting Rule is that it requires financial services institutions themselves to take affirmative steps to prevent pretexting. 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. Federal government websites often end in .gov or .mil. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. Under the Dodd-Frank Act, this rulemaking authority transferred to the Bureau of Consumer Financial Protection (except with respect to certain motor vehicle dealers), but the FTC continues to have enforcement authority. We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. 0000003542 00000 n by redesignating clauses (ii) and (iv) as clauses (i) and (ii), respectively. 9 0 obj <> Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. SM_Y9d1`uwUN:t m^3_ . Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 7 0 obj 0000002543 00000 n 0000001588 00000 n The .gov means its official. Act 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. You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. Text Ms. Kaptur (for herself, Ms. Norton, Ms. Omar, Ms. Pingree, Ms. Wild, Ms. Tlaib, Mr. Pocan, and Mrs. Watson Coleman) introduced the following bill; which was referred to the Committee on Financial Services. ACT Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. The Board of Governors of the Federal Reserve System, 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 Board determines, having due regard to the purposes of this Act, 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. 1. Before the GLBA, these kinds of scams could only be prosecuted under other laws about fraud or false pretenses that didn't always exactly match up with attackers' specific techniques. 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. Under the Standards of Administrative Capability at 34 C.F.R. 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. 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. Our Table of Popular Names is organized alphabetically by popular name. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. [ 1] The GLBA provides a framework for regulating the privacy and data security practices of a broad range of financial institutions. Part 314 use the terms customer and customer information. For the purpose of an institutions or servicers compliance with GLBA, customer information is information obtained as a result of providing a financial service to a student (past or present). GLBA explained: Definition, requirements, and compliance There are two different processes that people might be referring to when they talk about a GLBA audit. That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Any affiliation of an insured depository institution with any broker or dealer, any investment adviser, any investment company, or any other person, as of the date of the enactment of the Return to Prudent Banking Act of 2023, which is prohibited under paragraph (1) 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. <> Gramm-Leach-Bliley Act - International Association of Privacy Therefore, an institution that does not provide for the security of the information it needs to continue its operations would not be administratively capable. VIII. Privacy GLBA - Federal Deposit Insurance Corporation 1338. Text Gramm Leach Bliley Act - Louisiana State University Shreveport 1338. 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. Rapp, James J., and Regana L. Rapp d/b/a Touch Tone Information, Inc. NovaStar Financial, Inc. and NovaStar Mortgage Inc. 16 CFR Part 314: Standards for Safeguarding Customer Information (Supplemental Notice of Proposed Rulemaking), 16 CFR Part 314: Standards for Safeguarding Customer Information (Final Rule), 16 CFR Part 313: Privacy of Consumer Financial Information Rule under the Gramm-Leach-Bliley Act, Ascension Data & Analytics, LLC; Analysis To Aid Public Comment, Agency Information Collection Activities; Submission for OMB Review; Comment Request (Privacy Rule), Agency Information Collection Activities; Proposed Collection; Comment Request (Privacy Rule), Postponement of Public Workshop Related to Proposed Changes to the Safeguards Rule, DealerBuilt/LightYear Dealer Technologies; Analysis To Aid Public Comment, 16 CFR Part 314: Standards for Safeguarding Customer Information; Extension of Deadline for Submission of Public Comments, Privacy of Customer Financial Information-Security; Advance Notice Of Proposed Rulemaking And Request For Comment, Final Model Privacy Form Under the Gramm-Leach-Bliley Act - 16 CFR Part 313, Standards for Safeguarding Customer Information; Final Rule - 16 CFR Part 314, Privacy of Consumer Financial Information; Final Rule - 16 CFR Part 313, Privacy of Consumer Financial Information; Proposed Rule - 16 CFR Part 313, Keynote Remarks of Commissioner Christine S. Wilson at the Privacy + Security Academy, Opening Remarks of Chairman Joseph Simons at FTC Equifax Press Conference, Opening Remarks of Commissioner Terrell McSweeny. Before sharing sensitive information, make sure youre on a federal government site. Privacy pros zero in on Title V, Subtitle A of the GLBA (15 U.S.C. 6 0 obj The objectives of the GLBA standards for safeguarding information are to . 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. 2 0 obj (1971)) as to the construction and the purposes of such provisions. Looking for legal documents or records? Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. However, individuals have the right to choose whether the information is disclosed under the Act. Please sign up for our advisory group to be a part of making GovTrack a better tool for what you do. 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. An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. Final Model Privacy Form Under the Gramm-Leach-Bliley Act 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? Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. 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. Element 4: Provides for the institution or servicer to regularly test or otherwise monitor the effectiveness of the safeguards it has implemented (16 C.F.R. Subtitle A also requires the FTC and other agencies to issue regulations for the safeguarding of personal financial information; this authority did not transfer. Apr 26, 2023, But presidents still wouldnt be able to move their legal cases to the shows The Peoples Court or Divorce Court. You are encouraged to reuse any material on this site. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued The Gramm-Leach-Bliley Act (GLBA), signed into law last November, authorized the certification of financial holding companies, the structure that looks to be the main vehicle for linking commercial banks with securities firms, insurance firms, and merchant banking. L. 111203 inserted ,other than the Bureau of Consumer Financial Protection, after section 6805(a) of this title in introductory provisions. endobj | Congress.gov | Library of Congress \ Financial Services Modernization Act of 1999 Franchisee Conversations with Chair Khan and Cmr. 1828) is amended by adding at the end the following new subsection: Prohibition on affiliation between insured depository institutions and investment banks or securities firms.
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