Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
Louisiana Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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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 Gramm-Leach-Bliley Act requires financial institutions ? companies that offer consumers financial products or services like loans, financial or investment advice, or insurance ? to explain their information-sharing practices to their customers and to safeguard sensitive data.
The main focus of the GLBA is to expand and tighten consumer data privacy safeguards and restrictions. The primary concern, related to the GLBA, of IT professionals and financial institutions is to secure and ensure the confidentiality of customers' private and financial information.
10 steps to compliance Understand the regulation and how it applies to you. ... Conduct a risk assessment. ... Ensure effective controls are in place to mitigate risks. ... Protect yourself from the insider threat. ... Service providers need to be GLBA-compliant. ... Confirm you're meeting the privacy rule requirements.
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 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.
The Financial Services Modernization Act of 1999 is a law that serves to partially deregulate the financial industry. The law allows companies working in the financial sector to integrate their operations, invest in each other's businesses, and consolidate.
(Privacy of Consumer Financial Information) Introduction. Title V, Subtitle A of the Gramm-Leach-Bliley Act (?GLBA?)1 governs the treatment of nonpublic personal information about consumers by financial institutions.