Gramm-Leach-Bliley Act (GLBA)

How does the Financial Privacy Rule differentiate the consumer from the customer?

- A consumer is someone who obtains a specific product or service for personal use, whereas a customer has an on-going significant relationship. - Policies must be provided to the "customer" annually and when the institution's privacy practice changes.

Written Safeguard policies must...

- Ensure security and confidentiality - Protect against anticipated threats or hazards - Protect against unauthorized access that could harm or inconvenience consumers

Whats is another name for the GLBA?

Financial Services Modernization Act

What does Pretexting do?

Protects consumers from individuals and companies that obtain their personal financial information under false, fictitious, or fraudulent pretenses. (Security questions)

What does GLBA stand for?

Gramm-Leach-Bliley Act

What does the Financial Privacy rule do?

It governs collections of nonpublic personal info, such as, what a consumer puts on application (bank account numbers, balances, etc.), restricts when information may be disclosed to affiliates and nonaffiliated third parties, and provides opt-out opportunity.

What does the GLBA do?

It protects an individual's personal financial information held by the financial institution with Safeguarding Rules, Pretexting Provisions, and the Financial Privacy Rule.

What do the Safeguarding Rules require?

It requires Financial institutions to design, implement, and maintain a written security plan to protect, safeguard, and control consumer information.

What does the Financial Privacy Rule require?

It requires financial institutions to give their customers privacy policies that explain the financial institutions information collection and sharing policies and a Consumer Privacy Notice