Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
Montana Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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FAQ
There are three types of privacy notices defined in the regulations: an initial notice, an annual notice, and a revised notice. The regulation specifies when and to whom a bank is required to give each type of privacy notification. Let's look at the when and who for each type of privacy notice.
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 Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit ...
GLBA requirements The Pretexting Rule is designed to counter identity theft. To comply, PCC must have mechanisms in place to detect and mitigate unauthorized access to personal, non-public information (such as impersonating a student to request private information by phone, email, or other media).
To be GLBA compliant, financial institutions must communicate to their customers how they share the customers' sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers' private data in ance with ...
Privacy and Security 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.
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.