GLB - Gramm-Leach Bliley Act

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What is GLBs purpose

Advising consumers of policies and use of and exchange of personal information Offering consumers the opportunity to limit the use and exchange of that information Create a security program to protect information

GLB: Customer

Have a continuing relationship with a financial institution

If we plan to share information, the customer must be provided with what

Notice of their right to opt out of the sharing of their information

The customer must be given what to opt out

Reasonable means

GLB falls under what regulation

Regulation P (for privacy)

Who is the Inital Privacy notice required for

Required for customers when the customer relationship has been established

What is Pretexting

Pretending to be someone you are not in order to obtain public personal information

GLBs obligations to customers

Provide initial privacy notice when customer relationship has been established Provide annual privacy notices for the duration of the customer relationship Must provide a "reasonable opportunity" to opt out of disclosing non-public information (NPI) to affiliated 3rd parties

Must provide what to opt out of disclosing non-public information (NPI) to affliated 3rd parties

Reasonable opportunity

Which rule protects the privacy of personal information with the creation of an effective security program

Redflags rule

What is the primary difference of the redflags rule when compared to the safeguards rule

Redflags rule rule focuses on the methods for detecting a security breach

What are both safeguards rule and the redflags rule intended to prevent

The release of personal information

GLB penalties for individuals

$10,000 and up to 5 years in prison

GLB Penalties for financial institutions

$100,000

Annual Privacy notice: Online delivery of the notice requires what

Acknowledgement of receipt

Who enforces GLB

CFPB (Consumer Financial Protection Bureau)

GLB: Consumer

Conduct and isolated transaction with a financial institution

When is the Opt Out notice due

Due at same time as the privacy notice

When is the Annual Privacy notice provided

Every 12 months

What is GLBs regulatory body

FTC (Federal Trade Commission)

What does FTC stand for

Federal Trade Commission

What is the GLB also known as

Financial Modernization Act of 1999

What is the whole purpose behind Safe guard rule

Financial privacy

When must we provide annual privacy notices

For the duration of the customer relationship

What does GLB stand for

Gramm-Leach Bliley Act

What notice includes descriptions of the categories of NPI that are collected and disclosd as well as a description of the policy for how that information is handled

Initial Privacy notice

What are the 3 disclosure and notifications required by GLB

Initial Privacy notice Opt Out notice Annual Privacy notice

Is the Initial Privacy notice required for consumers

No

What does NPI stand for

Non-Public Information

Think SPF...

Safeguarding Pretexting Financial privacy

Which rule is concerned with preserving the confidentiality of personal information

Safeguards rule

What is the primary difference of the safeguards rule when compared to the redflags rule

Safeguards rule focuses on the methods of securing personal information

What information is in the Annual Privacy notice

Same information thats in the privacy notice

When must we provide the inital privacy notice

When customer relationship has been established

Does the Annual Privacy notice include the right to opt out

Yes

What is Redflags rule

To protect the privacy of personal information with the creation of an effective security program Concerned with preserving the confidentiality of personal information


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