Section 5136A of the Revised Statutes of the United States (12 U.S.C. 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. Element 6: Addresses how the institution or servicer will oversee its information system service providers (16 C.F.R. The Department will issue guidance on NIST 800-171 compliance in a future Electronic Announcement, but again encourages institutions to begin incorporating the information security controls required under NIST 800-171 into the written information security program required under GLBA as soon as possible. 1338. 1 0 obj 1338, codified in relevant part primarily at 15 U.S.C. 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. Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! 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. Text !/'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 by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. We love educating Americans about how their government works too! Visit us on Mastodon Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Act 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. <>stream Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). Gramm Section 3(a)(5)(C) of the Securities Exchange Act of 1934 (15 U.S.C. Pub. 6701(g)). 0000005709 00000 n 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. You are encouraged to reuse any material on this site. You'll find three types of link associated with each popular name (though each law may not have all three types). The law repealed the Glass-Steagall Act of 1933, which limited securities activities within commercial banks and interactions between commercial banks and securities firms.The passage of the GLBA allowed commercial banks, is amended by striking section 45. We hope to make GovTrack more useful to policy professionals like you. Apr 26, 2023, But presidents still wouldnt be able to move their legal cases to the shows The Peoples Court or Divorce Court. Institutions or servicers provide a financial service when they, among other things, administer or aid in the administration of the Title IV programs; make institutional loans, including income share agreements; or certify or service a private education loan on behalf of a student. Orderly wind-down of existing affiliation. When it comes to the Privacy Rule, the GLBA makes a distinction between different types of people a company interacts with. GLBA explained: Definition, requirements, and compliance GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. An official website of the United States government. 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. 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. We hope to enable educators to build lesson plans centered around any bill or vote in Congress, even those as recent as yesterday. Gramm 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 No determination of the Board under paragraph (1) may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. 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. 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. GrammLeachBliley Act Text 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. Please note that compliance with the GLBA requirements is not the same as compliance with NIST 800-171. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments), section 21 of the Banking Act of 1933, or section 18(bb) of the Federal Deposit Insurance Act more narrowly than the reasoning of the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. 78c(a)(4)(B)) is amended, by striking clauses (i), (iii), (v), (vii), (x), and (xi); and. Gramm Leach Bliley Act - Louisiana State University Shreveport 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. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. 314.4(b)). 1338, enacted November 12, 1999) is an act of the Find the resources you need to understand how consumer protection law impacts your business. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. 6801 et seq). Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. Slaughter, FTC Safeguards Rule: What Your Business Needs to Know, FTC's Privacy Rule and Auto Dealers: FAQs, How To Comply with the Privacy of Consumer Financial Information Rule of the Gramm-Leach-Bliley Act, Compliance deadline for certain revised FTC Safeguards Rule provisions extended to June 2023, New publication offers guidance on revised FTC Safeguards Rule, Updating you on FTC privacy and data security initiatives, Corporate boards: Dont underestimate your role in data security oversight, Application of Title V, Subtitle A, of the G-L-B Act, and of the Commission's Privacy Rule, to Attorneys At Law, Ascension Data & Analytics, LLC, In the Matter of, LightYear Dealer Technologies, LLC, In the Matter of, FTC v. Global Mortgage Funding, Inc., et al., SACV 02-1026 DOC, __________________, a minor, also known as _______________, by his parent ____________, Fajilan and Associates, Inc., also d/b/a Statewide Credit Services, In the Matter of, James B. Nutter & Company, a corporation, in the Matter of, Premier Capital Lending, Inc., et al., In the Matter of, American United Mortgage Company., United States of America (for the FTC), Nations Title Agency, Inc., Nations Holding Company, and Christopher M. 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. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. Provision allowing for exceptions after report to the Congress. A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE In making any determination under paragraph (1), the Board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to result in a violation of section 18(bb) of the Federal Deposit Insurance Act, section 21 of the Banking Act of 1933, or the spirit of section 2(c) of the Return to Prudent Banking Act of 2023, and other possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. The GLBA has important implications for pretexting in a couple different respects. 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. Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. Now what? >vz6 WebV, Gramm-Leach-Bliley Act (15 U.S.C. 1844) is amended by striking subsection (g). (More Info). 314.4(e)). 15 U.S. Code 6801 - Protection of nonpublic personal 78c(a)(5)(C)) is amended. An official website of the United States government. 0000003542 00000 n 0000002995 00000 n The Gramm-Leach-Bliley Act (G-L-B) versus Best Practices in Network Security. endobj 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. The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. Short title This Act may be cited as the Return to Prudent Banking Act of 2023. 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. <> Section 21 of the Banking Act of 1933 (12 U.S.C. On December 18, 2020 we issued an Electronic Announcement encouraging institutions to review and adopt NIST 800171 as a security standard to support continuing obligations under GLBA. Text of H.R. 2714: Return to Prudent Banking Act of 2023 By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. by striking paragraph (6) and all that follows through the end of such subsection. 314.4(f)). Find legal resources and guidance to understand your business responsibilities and comply with the law. Before sharing sensitive information, make sure youre on a federal government site. 118th CONGRESS. But if you're looking for a risk assessment specifically tailored to Federal cybersecurity mandates like the GLBA, the Federal Financial Institution Examination Council (FFIEC) has you covered. This Act may be cited as the Return to Prudent Banking Act of 2023. M}f The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. The list of businesses that fall under this heading is broad, and includes debt collectors, real estate appraisers, automobile dealers, and even higher education institutions, which maintain bursar accounts for students and administer student loans. WebSec. 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. The GLBA is also known as the Financial Services Modernization Act of 1999. Privacy of Consumer Financial Information Rule Under the L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. 1st Session. Guide to the Gramm 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 \ 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. <>stream 6801 et seq.) Regulatory Agency. H.R.2714 - 118th Congress (2023-2024): To repeal certain 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. Each report submitted to the Congress under subsection (a) shall contain a detailed description of the basis for the determination or extension. The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. In fact, GLBA enforcement is conducted by a number of government agenciesincluding the Federal Trade Commission, the federal banking agencies, the Consumer Financial Protection Bureau, and state insurance oversight agenciesagainst any offending companies that might fall under their purview. Title V, subtitle A, of this Act (15 U.S.C. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. 24a) is amended to read as follows: In the case of a national bank which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with a financial subsidiary as of the date of the enactment of this Act, such affiliation 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. 1844(c)) is amended. Well be in touch. Gramm-Leach-Bliley Act 335) is amended by striking the last sentence. WebFinally, acts may be referred to by a different name, or may have been renamed, the links will take you to the appropriate listing in the table. Such audits can provide invaluable feedback, but keep in mind that they're essentially just providing a second opinion from a private company, not offering the United States Federal government's seal of approval. Hopefully our description of the GLBA's broad reach makes it clear why the Department of Education is involved in enforcing a financial service law. WebGrammLeachBliley Act (GLBA), Regulation R, and Retail Nondeposit Investment Sales The Gramm-Leach-Bliley Act sets forth certain exceptions for banks from the broker-dealer registration requirements of the Securities and Exchange Act of 1934. 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). Such institutions must develop and give notice of their privacy policies to their own customers at least annually (except where exempted under section 75001 of the Fixing America's Surface Transportation Act (FAST Act), Pub. 0000000809 00000 n Results of search for '(su:"United States.") AND (su:"Gramm-Leach On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information But the framers of the law correctly foresaw that by loosening existing banking regulations, they were opening the door to the creation of huge, sprawling firms offering an array of services ranging from checking accounts to high-end investmentsand that these companies would have access to huge amounts of customer information. Definition, examples and prevention, business continuity and disaster recovery, The 10 most powerful cybersecurity companies, 7 hot cybersecurity trends (and 2 going cold), The Apache Log4j vulnerabilities: A timeline, Using the NIST Cybersecurity Framework to address organizational risk, 11 penetration testing tools the pros use, Designate employees to coordinate an infosec program, Identify risks to customer information across your company and assess the effectiveness of your current safeguards, Design, implement, monitor, and test an overarching safeguard program, Select service providers that are able to meet the requirements of the GLBA, and write that into your contract with them, Continually evaluate your program as circumstances and the threat landscape change, Understand the regulations and how they apply to you, Conduct a risk assessment (more on which in a moment), Ensure that effective controls are in place to mitigate risks, Make sure your service providers are GLBA-compliant, Confirm that you're meeting Privacy Rule requirements, Update your disaster recovery and business continuity plans, Prepare a written information security plan (WISP) a formal document of this type is a GLBA requirement, Report to the board the GLBA requires those responsible for inforsec make an annual report to an organizations managing board on GLBA compliance. Text 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. Please help us make GovTrack better address the needs of educators by joining our advisory group. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued S. 900 (106 th ): Gramm-Leach-Bliley Act - GovTrack.us Gramm-Leach-Bliley Act. In Dear Colleague LettersGEN-15-18andGEN-16-12, we reminded institutions about the longstanding requirements of GLBA and notified them of our intention to begin enforcing the legal requirements of GLBA through annual compliance audits. GLBA consumer vs. customer. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. 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. Consumer Financial Protection Section 6801 et seq. (b). (1971)) with regard to the permissible activities of banks and securities firms, except to the extent expressly prescribed otherwise by this section. The first is that it explicitly makes it illegal to use pretexting to try to gain access to the information about victims held by a financial institution covered by the Act. VIII. Privacy GLBA - Federal Deposit Insurance Corporation endobj 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. The Gramm-Leach-Bliley Act (GLBA) generally requires that financial institutions send annual privacy notices to customers. 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. Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. 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. This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& 0000001782 00000 n Element 5: Provides for the implementation of policies and procedures to ensure that personnel are able to enact the information security program (16 C.F.R. ]JX9&TN:pP2U:'%#yqQ_ ,0C5)4KzOD^W [~A5R&16 uveAgH)djZ^rM_8#!yVxW5B$} W(hgV9&O|"jJBk=DP N?nxs!]I)$y@qK endstream endobj 122 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 312 /Subtype /Type1C >> stream 378) by the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. Your note is for you and will not be shared with anyone. WebThe Gramm Leach Bliley Act (GLBA) is a law that applies to financial institutions and includes privacy and information security provisions that are designed to protect consumer financial II. The Comptroller of the Currency, 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 Comptroller determines, having due regard for 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. 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. An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. If organizations don't feel that they are up to the task of assessing their own preparedness and compliance, or if they want an honest assessment from an outsider, they can pay a third-party organization to audit their compliance. Gramm-Leach-Bliley Act That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. Gramm Youve cast your vote. rZ is amended by inserting after section 502 the following: 502A. REVISED THROUGH SEPTEMBER 30, 2004 comply with the GLBA Act endstream It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. The objectives of the GLBA standards for safeguarding information are to . Please sign up for our advisory group to be a part of making GovTrack a better tool for what you do. 0000001050 00000 n 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. 78c note) is amended. Pretexting is form of social engineering in which an attacker tries to convince a victim to give up valuable information or access to a service or system. In theory, any law -- or individual provisions within any law -- passed by Congress should be classifiable into one or more slots in the framework of the Code. A farm bill, for instance, might contain provisions that affect the tax status of farmers, their management of land or treatment of the environment, a system of price limits or supports, and so on. 0000001912 00000 n S.900 - Gramm-Leach-Bliley Act 106th Congress (1999 WebThe Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Acts financial privacy provisions (GLB Act). Gramm Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 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] For example, consumers who aren't customers are only entitled to privacy and opt-out notices if an institution makes specific plans to share those consumers' data with third parties; customers have these rights as soon as they establish a customer relationship. 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. Finally, acts may be referred to by a different name, or may have been renamed, the links will take you to the appropriate listing in the table.