Gramm-Leach-Bliley Act (GBLA)

3 Laws of Gramm-Leach-Bliley Act

1) Safeguards Rules (protect consumer data) 2) Pretexting Provisions (mother's maiden name) 3) Financial Privacy Rule (have the right to opt in/out)

Gramm-Leach-Bliley Act is also known as

Financial Services Modernization Act

What is the purpose of Gramm-Leach-Bliley Act?

To protect a persons privacy

How long must documents for the Do Not Call (DNC) list be maintained for?

24 months

USA Patriot Act

response to 9/11 terrorist attacks -Lenders required to verify date of birth, social security number, and ethnicity

If there is an Established Business Relationship (EBR), consumers can be contact for up to ___ months after their last transaction, or ___ months after the consumer makes an inquiry or submits an application to the company.

-18 months -3 months

What does the BSA/AML require?

-Financial Institutions to keep records of cash transactions exceeding $10,000 -MLOs to report suspicious activity exceeding $5,000

How often must records for the Do Not Call (DNC) list be updated?

31 days

Penalty for violating the Do Not Call (DNC)

$42,350 per call

What does Mortgage Assistance Relief Services (MARS) deal with?

Addresses loan modification, short sale, and foreclosure scams -Bans collection fees until homeowners have acceptable written offer from lender/servicer -Prohibits advising consumers to discontinue communication with lenders

The Bank Secrecy Act (BSA) is also known as

Anti-Money Laundering Act