Gramm leach bliley act

Pre-texting calling

Obtaining or attempting to obtain customer info under false pretenses) including phony e-mails or calls

Privacy protection

Prohibition on obtaining customer info by false pretenses

Privacy protection

Prohibition on solicitation of a person to obtain customer info from financial institutions under false pretenses

Opt-out rights

Provides individuals right to indicate they do not want their non public (personal) info shared with 3rd parties

Purpose

Repealed glass steagall act of 1933, allowing banks to conoete with insurance and securities firms. Allowed commercial and investment banks to consolidate

Purpose

1. Safeguard rule 2. Financial Privacy Rule 3. Pre-texting calling

Safeguard rule

All employees must be trained w/ policy t3sted to ensure compliance with safeguard rules

Customer

An individual with a continuing relationship with a financial institution who will recieve a Privacy Notice each year as long as relationship exists

Consumer

An individual wjo obtains a product or service from a financial institution for personal, family, or household reasons

Privacy protection

Non applicability to certain types of customer info for financial institutions

Privacy protection

Non applicability to collection of child support judgements

Privacy protection

Non applicability to financial institutions in certain cases: 1. Testing security procedures or systems for maintaining confidentiality of customer info 2. Investigating allegations of misconduct or negligence on part of any officer, employee, or agent 3. Recovering customer info of financial instituiton which was obtained or recieved by another person in any manner described in section

Safeguard rule

Policy may need to be frequently updated to ensure safeguarding of customers personal info

Customer information of a financial institution

Any information maintained by or for a financial institution which is derived from relationship between financial inst. And customer of financial inst. And is identified with customer

Safeguard rule

At least one person must be in charge of monitoring and coordinating the security policy

Safeguard rule

Companies must have a policy in place that protects personal info of their customers including security breaches. 1. Insure security and confidentiality of customer records and info 2. Protect against any anticipated threats or hazards to security or integrity of such records 3. Protect against unauthorized access to or use of such records or info which could result in substantial harm or inconvenience to any customer

Safeguard rule

Computer and filing systems must be tested to confirm that all records are safe w/ policies established to prevent security breaches

Safeguard rule

Confirm and maintain safeguard rules w/ all service providers

Privacy protection

Non applicability to insurance institutions for investigation of insurance fraud

Privacy protection

Non applicability to law enforcement agencies