6804(a)(1), to develop a model form.The CFTC, which did not become subject to Title V of the GLB Act until 2000, is not That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. 0000001782 00000 n 314.3(b)). It is the responsibility of the organization to enforce the compliance recommendations at their discretion.". 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. 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. An official website of the United States government. <>stream (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). 6803(e). Subparagraph (A) shall not apply with respect to service by any individual which is otherwise prohibited under such subparagraph if the appropriate Federal banking agency determines, by regulation with respect to a limited number of cases, that service by such individual as an officer, director, employee, or other institution-affiliated party of any insured depository institution would not unduly influence the investment policies of the depository institution or the advice the institution provides to customers. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. Apr 25, 2023. Section 6801 et seq. WebGramm-Leach-Bliley Act The commonly used name for The Financial Services Modernization Act of 1999. Federal government websites often end in .gov or .mil. Element 9: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the requirement for its Qualified Individual to report regularly and at least annually to those with control over the institution on the institutions information security program (16 C.F.R. 6801 Copyright 2020 IDG Communications, Inc. 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. It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the "Short Title". Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 114 (12 U.S.C. 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. 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. 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. Are you up on what the revised Rule requires? GLBA related findings will have the same effect on an institutions participation in the Title IV programs as any other determination of non-compliance. WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. The site is secure. Sun Spectrum Communications Organization, Inc., et al. This Act may be cited as the Return to Prudent Banking Act of 2023. 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. G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& :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 314.4(d)). 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, The law applies to any business that is "significantly engaged" in providing financial products or services to consumers. Search the Legal Library instead. Postsecondary institutions and third-party servicers must protect student financial aid information provided to them by the Department or otherwise obtained in support of the administration of the Federal student financial aid programs (Title IV programs) authorized under Title IV of the Higher Education Act of 1965, as amended (HEA). by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. 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. endstream 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. 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). We work to advance government policies that protect consumers and promote competition. Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. 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. WebV, Gramm-Leach-Bliley Act (15 U.S.C. Find legal resources and guidance to understand your business responsibilities and comply with the law. endobj The changes to the Safeguards Rule are effective June 9, 2023. Well be in touch. 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. Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. If youve visited a bill page on GovTrack.us recently, you may have noticed a new study guide tab located just below the bill title. The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. 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. Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. 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. ); (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. 6 0 obj Search the Legal Library instead. 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. Web(1) to insure the security and confidentiality of customer records and information; (2) to protect against any anticipated threats or hazards to the security or integrity of such 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. on this bill on a six-point scale from strongly oppose to strongly support. 106-102, 113 Stat. 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. !`MBq!O!Xe=xB7p4IjPw 0jb7cZ5>$. 1st Session. HW[S~o-|SI@a[`Vq;,O$;NmqI}3 c`~0B t1T'0]c6D(6vp>t-1z-sqn.ax=j-T;mY>qI6a6Z7jIoJQUrc01Q(4@> Dy" )v{QuZPoRA%4._`xJWiJ5UfI,WcKEE)U:R.kXGuDSP:-wMWMs\_NO%SEi(|o6X( j)E%*Cuf<1ULPkz?FyRaB>E^kT{">[ZZI($>OIdvD&b2 xU2m ?XTDI. Prohibition on officers, directors and employees of securities firms service on boards of depository institutions. 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. 78c(a)(5)(C)) is amended. The Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. The objectives of the GLBA standards for safeguarding information are to . 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. Looking for legal documents or records? 4 0 obj by inserting and after the semicolon at the end of paragraph (4); in paragraph (5)(B)(ii), by striking ; or and inserting a period; and. -rKER ANQ?H_aij#]Fv'E7#_#V~Fk Jn%ENi?Px&deTCQu)7n-FuzdWo/@;5F[L{v=IMbIJ The Gramm Leach Bliley Act (GLB or GLBA) was enacted in 1999. Find the resources you need to understand how consumer protection law impacts your business. Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC.
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