gramm leach bliley act text

Are you up on what the revised Rule requires? 106102, 113 Stat. For instance, someone might call up your bank, armed with a few pieces of information about you like your address or social security number, and try to bluff them into giving them more information, or even access to your account. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 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. See also infra discussion at section II.A. 0000007171 00000 n Join GovTrack.uss Inner Circle With a Yearly Membership, In retaliation for prosecutor Alvin Bragg indicting Trump, ALVIN Act would ban federal funds for, On March 29, Arizona Republican Andy Biggs introduced a (possible record) 521 bills in one day, No More Political Prosecutions Act would give presidents like Trump option to move their legal. The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had 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. We work to advance government policies that protect consumers and promote competition. Short title. L. No. On February 28, 2020, we issued an Electronic Announcement that explained the Departments procedures for enforcing those requirements and the potential consequences for institutions or servicers that fail to comply. fC\huwa W.`SU`GH 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 Hackers/journalists/researchers: See these open data sources. As these descriptions should make clear, getting ready for the GLBA is a big effort, but it will largely overlap with needed cybersecurity measures that any institution should be taking. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 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. Subject to a determination under subparagraph (B), the Board of Governors of the Federal Reserve System may extend the 2-year period referred to in subparagraph (A) above from time to time as to any particular bank holding company for not more than 6 months at a time, if, in the judgment of the Board, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. 335) is amended by striking the last sentence. 1 0 obj Find legal resources and guidance to understand your business responsibilities and comply with the law. >vz6 Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? e,B endstream endobj 125 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 248 /Widths [ 250 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 ] /Encoding 123 0 R /BaseFont /OPPKBP+BGsddV01 /FontDescriptor 126 0 R /ToUnicode 124 0 R >> endobj 126 0 obj << /Type /FontDescriptor /Ascent 724 /CapHeight 806 /Descent 8 /Flags 6 /FontBBox [ 0 -111 518 733 ] /FontName /OPPKBP+BGsddV01 /ItalicAngle 0 /StemV 42 /XHeight 725 /StemH 54 /CharSet (EcekzW^H~{) /FontFile3 122 0 R >> endobj 127 0 obj << /Type /ExtGState /SA false /SM 0.02 /OP false /BG 131 0 R /UCR 128 0 R /TR /Identity >> endobj 128 0 obj << /FunctionType 0 /Domain [ 0 1 ] /Range [ -1 1 ] /BitsPerSample 16 /Size [ 256 ] /Length 670 /Filter [ /ASCII85Decode /FlateDecode ] >> stream 314.4(e)). 1841) is amended by striking subsection (p). SM_Y9d1`uwUN:t m^3_ . Visit us on Mastodon 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 are also still on Instagram at @govtrack.us posting 60-second video summaries of legislation in Congress. WebThe Gramm-Leach-Bliley Act requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to 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. Element 6: Addresses how the institution or servicer will oversee its information system service providers (16 C.F.R. "[B&9y>2A}N"c`:s5IL[P=XR4xu w="(.lU[_ 3[aT!x,HfWZI_>2pq9:Nj!l 314.4(c)(1) through (8). Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. The effective date for most of the changes to the Safeguards Rule is June 9, 2023. History books, newspapers, and other sources use the popular name to refer to these laws. The text of the bill below is as of Apr 19, 2023 (Introduced). We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. 378) is amended by adding at the end the following new subsection: For purposes of this section, the term business of receiving deposits includes the establishment and maintenance of any transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act). 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. Franchisee Conversations with Chair Khan and Cmr. 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. 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. WebSec. 3106(c)) is amended by striking paragraph (3). Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. We find that the law has a differential impact across the financial services industry. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 1828b, 1849) clarify the application of the FTC Act and other FTC statutes to subsidiaries and other affiliates of depository institutions, and provide for certain interagency information sharing. :o8}*uj & S)72Uf'uWrTN03Mct-+r"vp=VC&:)7a\]mIsZ'>:g]bY4b2}`I TXfcme*1:1Ve{@#*b8$8+Ty;^uWLXU)@l)LRU>u}Ub8ga7qn`) gZ?I"6 endstream endobj 123 0 obj << /Type /Encoding /Differences [ 32 /space 191 /questiondown 248 /oslash ] >> endobj 124 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 296 >> stream M}f 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. Prohibition on banking activities by securities firms clarified. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued by the United States Department of Health and Human Services, 45 C.F.R. 6803(e). "z0:jy+^2>yA8#4o ZZ'n{hI~B^[ _CEukV.aZ: Fke\~NU7rh6V-K@% ;#8]VRU`ixsd#My:W BG;Jmwai`J SVzsAH>'o`K|;3@n7c4K3qNZKCyI[L(*LCYW\ytgRCBeEkz.0;e=(i'm;hX ]j`K;{'J2'~#%mc6BZp"37;&1uTr}*eUOf^>!Iu^.IkJJPaxxQ HY=Aw4-zHZ xU:NgO?2*4%Y)w/icu@oCRZ6u3 t6h" A;)sf5bbx6Gx0=(jfXaFBC&Gd*4Pe}LxUF(LnmOTUsyIqpY( The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had been banned since the Great Depression. Pub. <>stream 11494, 129 Stat. Our mission is to empower every American with the tools to understand and impact Congress. WebThe Gramm-Leach-Bliley Act is named for the lawmakers who sponsored it: Sen. Phil Gramm (R-Texas), Rep. Jim Leach (R-Iowa) and Rep. Thomas Bliley (R-Va.). Section 6801 et seq. Privacy notices like these need to be issued at the beginning of a customer's relationship with an institution and at least once per year thereafter; updated versions of the information must be issued when privacy policies change. Definition of activities closely related to banking. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. This Act may be cited as the Return to Prudent Banking Act of 2023. Would you like to join our advisory group to work with us on the future of GovTrack? 0000007555 00000 n 6 0 obj We work to advance government policies that protect consumers and promote competition. 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 The law requires Place hold Add to cart It may seem a bit strange at first that a financial services law has such a profound impact on IT and data security. 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. Laws acquire popular names as they make their way through Congress. Apr 25, 2023. If you have questions regarding any of the GLBA requirements, please contact the FTC at 202-326-2222. The general public may be most aware of the GLBA in the context of debates as to whether it helped cause the 2008 subprime mortgage crisis, but for IT professionals, it's much better known for the data security and privacy mandates it imposes on a wide range of companies and organizations, even beyond the banking industry. 1844(c)) is amended. Sometimes classification is easy; the law could be written with the Code in mind, and might specifically amend, extend, or repeal particular chunks of the existing Code, making it no great challenge to figure out how to classify its various parts. (b). 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. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. WebGramm-Leach-Bliley Act The commonly used name for The Financial Services Modernization Act of 1999. The changes to the Safeguards Rule expand on the minimum information security requirements that should already be in place at participating institutions and their third-party servicers. Regulatory Agency. Nor will a full-text search of the Code necessarily reveal where all the pieces have been scattered. Likens., In the Matter of, 77 Investigations, Inc. and Reginald Kimbro, CEO Group, Inc. d/b/a Check Em Out, and Scott Joseph. By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. 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? An official website of the United States government. If you can, please take a few minutes to help us improve GovTrack for users like you. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Gramm-Leach-Bliley Act Gramm-Leach The changes to the Safeguards Rule are effective June 9, 2023. 668.16(c), an institution is required to have an adequate system of internal controls that provides reasonable assurance that the institution will achieve its objectives regarding reporting, operations, and compliance. Section 5136A of the Revised Statutes of the United States (12 U.S.C. The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. 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. 0000004180 00000 n Before sharing sensitive information, make sure youre on a federal government site. 1844) is amended by striking subsection (g). The GLBA has important implications for pretexting in a couple different respects. Part 314. The regulations required all covered businesses to be in full compliance by July 1, 2001. rZ Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 114 (12 U.S.C. Note that while the following provides a summary of the requirements, your best source of information is the text of theSafeguards Ruleitself and GLBA guidance provided by the FTC. Check out their Cybersecurity Assessment Tool, which can help you identify specific areas in which your organization may not be aligned with the GLBA's requirements. The FTCs regulations require that the information security program contains administrative, technical, and physical safeguards that are appropriate to the size and complexity of the institution or servicer, the nature and scope of their activities, and the sensitivity of any student information. 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. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. WebThe Security Guidelines implement section 501 (b) of the Gramm-Leach-Bliley Act (GLB Act) 4 and section 216 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). ?E Mk~tEK:UiZuS:oEGQ^};_nzG+>)Ce0W!j1zA0:0%P'DN#y endstream endobj 133 0 obj 444 endobj 115 0 obj << /Type /Page /Parent 97 0 R /Resources 116 0 R /Contents 121 0 R /Thumb 58 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 116 0 obj << /ProcSet [ /PDF /Text ] /Font << /F1 120 0 R /F2 117 0 R /F3 125 0 R >> /ExtGState << /GS1 127 0 R >> >> endobj 117 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 151 /Widths [ 287 296 333 574 574 833 852 241 389 389 500 606 278 333 278 278 574 574 574 574 574 574 574 574 574 574 278 278 606 606 606 500 747 759 778 778 833 759 722 833 870 444 648 815 722 981 833 833 759 833 815 667 722 833 759 981 722 722 667 389 606 389 606 500 333 611 648 556 667 574 389 611 685 370 352 667 352 963 685 611 667 648 519 500 426 685 611 889 611 611 537 389 606 389 606 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1000 ] /Encoding /WinAnsiEncoding /BaseFont /OPPKBD+NewCenturySchlbk-Bold /FontDescriptor 118 0 R >> endobj 118 0 obj << /Type /FontDescriptor /Ascent 737 /CapHeight 722 /Descent -205 /Flags 262178 /FontBBox [ -165 -250 1000 988 ] /FontName /OPPKBD+NewCenturySchlbk-Bold /ItalicAngle 0 /StemV 154 /XHeight 475 /StemH 54 /CharSet (=RaaE%=m\)^M*\\{cet/m$V\ {xJ{VX-0T}bQ+6\\S,>>KqMXt2U\ t\(yF7\\"E?k>R|) /FontFile3 130 0 R >> endobj 119 0 obj << /Type /FontDescriptor /Ascent 737 /CapHeight 722 /Descent -205 /Flags 34 /FontBBox [ -195 -250 1000 965 ] /FontName /OPPKBE+NewCenturySchlbk-Roman /ItalicAngle 0 /StemV 92 /XHeight 464 /StemH 45 /CharSet (-QGuYD\\\\[_X1fG+e_-"8tkhXT\ Uh3*p$cE.wnl5h#! ), was designed to regulate the disclosure and protection of nonpublic personal information (NPI) collected by a financial institution from an individual in order to obtain a financial product or service from the institution for personal, family, or On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule), an important component of the Gramm-Leach-Bliley Acts (GLBA) requirements for protecting the privacy and personal information of consumers. M?cW 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. Contributing writer, Federal government websites often end in .gov or .mil. The Digital Guardian blog breaks down some of the specific steps that companies covered by the GLBA should take so as to get their house in order and ensure that they're in compliance with this Rule. Download PDF. The objectives of the GLBA standards for safeguarding information are to . Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. 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. In cases where no data breaches have occurred and the institutions or servicers security systems have not been compromised, if the Department determines that an institution or servicer is not in compliance with all of the Safeguards Rule requirements, the institution or servicer will need to develop and/or revise its information security program and provide the Department with a Corrective Action Plan (CAP) with timeframes for coming into compliance with the Safeguards Rule. 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. 0000001782 00000 n '>U,BxPL6xZg.s\ =D;2HE]^;e9IDKz|a\)d`LEo#W\nQ";aIw-_F\(/U.) /FontFile3 129 0 R >> endobj 120 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 151 /Widths [ 278 296 389 556 556 833 815 204 333 333 500 606 278 333 278 278 556 556 556 556 556 556 556 556 556 556 278 278 606 606 606 444 737 722 722 722 778 722 667 778 833 407 556 778 667 944 815 778 667 778 722 630 667 815 722 981 704 704 611 333 606 333 606 500 333 556 556 444 574 500 333 537 611 315 296 593 315 889 611 500 574 556 444 463 389 611 537 778 537 537 481 333 606 333 606 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204 204 0 0 0 556 1000 ] /Encoding /WinAnsiEncoding /BaseFont /OPPKBE+NewCenturySchlbk-Roman /FontDescriptor 119 0 R >> endobj 121 0 obj << /Length 910 /Filter [ /ASCII85Decode /FlateDecode ] >> stream Limitation on agency interpretation or judicial construction. 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, WebThe GrammLeachBliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. The .gov means its official. Please note that compliance with the GLBA requirements is not the same as compliance with NIST 800-171. \ Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. The Infosec Institute outlines ten top-level steps your infosec or IT organization needs to take in order to be GLBA compliant: A risk assessment is an important part of the threat modeling process that many infosec teams do as a matter of course. The FTC also provides a great deal of general data security guidance on its website. 30 Minute Mortgage, Inc., Gregory P. Roth, and Peter W. Stolz, Garrett, Paula L. d/b/a Discreet Data Systems, Guzzetta, Victor L., d/b/a Smart Data Systems, Information Search, Inc., and David J. Kacala (District of Maryland, Northern Division). We hope to make GovTrack more useful to policy professionals like you.
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gramm leach bliley act text 2023