Gramm Leach Bliley Act

Safeguards Rule Intention

Ensure the protection of privacy of personal information with the creation, implementation and maintenance of an effective security program

Customer relationship

Exists when a consumer has a continuing relationship with a financial institution. Have greater protection than a consumer

Opt Out Notice

Financial Inst. that intend to share nonpublic personal information must provide consumers and customers this notice

Sent in the mail, and they can mail the completed from or call a toll free number.

How is the opt out form sent to a consumer, and how can they complete it?

30 Days

How many days does the consumer have to complete the Opt out form

Opt out of sharing information

If a financial institution plans to share consumer or customer information what must they do?

Non public personal informatoin

Personally identifiable information provided by a consumer to a financial institution, resulting from any transaction with the consumer or any service performed for the consumer, or otherwise obtained by financial institution

Annual privacy notice

Required to be sent to customers that contain the same information that is included in the initial privacy notice, including opt out and how to exercise that right

Purpose of Privacy Provisions

To ensure that financial institutions protection non-public persona information of consumers

Measured from the date on which the notice was mailed to the consumer

When does the opt out period start if the notice is mailed?

measured from the date on which the account is opened online and acknowledges the receipt of privacy notices

When does the opt out period start if the notice is sent via online account?

FTC and Federal Banking Regulatory Agencies

Who regulates GLB

Within 10 days of receiving the customers request

Within how many days of a telephoned request must an annual notice be delivered?

Affiliate

Any company that is controlled by or is under common control with another company

Consumer

An individual who obtains from a financial institution financial products or services which are to be used primarily for personal, family, or household purposes

Yes, Internet cookie information is considered PII

Is information obtained from an internet cookie considered PII?