Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
Alaska Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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After considering public comments and hosting a national workshop, the FTC revised the Safeguards Rule in October 2021 to strengthen protections for consumers' information maintained by non-banking financial institutions ? for example, mortgage brokers and payday lenders.
At its core, the rule calls for organizations to establish a robust information security program, maintain an IT asset inventory, continuously assess risks across covered business units and third parties, and provide board-level reporting.
The FTC Safeguards Rule requires covered companies to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information.
Three key rules of the GLBA include: Privacy Rule: Ensuring the protection of consumers' personal financial information. Safeguards Rule: Requiring the establishment of security measures to prevent data breaches. Pretexting Provisions: Prohibiting deceptive methods of obtaining personal financial information.
The FTC's Safeguards Rule requires non-banking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers' information safe.
The three sections include the following: Financial Privacy Rule. This rule, often referred to as the Privacy Rule, places requirements on how organizations may collect and disclose private financial data. ... Safeguard Rule. ... Pretexting Rule.
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.