Gramm Leach Bliley Act

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Disclosures required by the GLB Act

-Initial Privacy Notice -Opt Out Notices -Annual Privacy Notices

Practices prohibited by the GLB Act

-sharing of account numbers -limitations on the re-disclosure and reuse of information

Who is the regulatory agency of the GLB Act?

CFPB

Annual Privacy Notice

Include notice of the right to opt out and information on exercising the right to opt out -If paper copy requested by telephone must be delivers within 10 days

Opt Out Notice

Must be given if a financial institution plans on sharing NPI with NA3P, gives a consumer 30 days to complete

Initial Privacy Notice

Not required to provide consumers with a privacy notice unless they intend to share the consumer's information with nonaffiliated 3rd parties

What is the purpose of the GLB Act?

To ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers

Customer

a consumer who has a customer relationship with a financial institution

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

Affiliate

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

Financial Activities

providing real estate settlement services

Customer Relationship

when a consumer has a continuing relationship with a financial institution

Nonpublic Personal Information

Personally-identifiable financial information that is provided by a consumer to a financial institution, results from any transaction with the consumer or any service performed for the consumer, or that is otherwise obtained by the financial institution. Examples include information that a consumer provides to obtain a loan or information from a credit report.

Nonpublic personal information

Personally-identifiable financial information that is provided by a consumer to a financial institution, results from any transaction with the consumer or any service performed for the consumer, or that is otherwise obtained by the financial institution. Examples include information that a consumer provides to obtain a loan or information from a credit report.

What is another name for the BLB Act?

Regulation P

Financial Institution

any institution the business of which is engaging in financial activities


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