Gramm Leach Bliley Act
If a financial institution plans to share consumer/customer nonpublic info with third party they must provide what?
A Initial Privacy Notice and an Opt-Out Notice
How long does customer have to complete once notice was mailed?
30 days (notice is resent annually)
What does Safeguard rule require?
-A company overseer to coordinate program, -Identify risks to security of customer info -Regular testing of program -Not to be confused with Red flags rules
What is non public personal info?
-Information provided by consumer to obtain financial products. -Account Information -History of relationship with institution -Information obtained from internet cookie -Information from credit reports -SS #
Other than the IPN what must be sent out?
Annual privacy notice (notice may also be posted online)
What is Public Information
Anything recorded at a court house, telephone numbers, websites or social media.
When is Initial Privacy Notice due?
At the time customer relationship is established
What does a Initial Privacy Notice describe?
Describes the fiancial institutions practice of sharing non public information with affiliates adn third parties and types of info shared.
What is the Safeguard Rule?
It ensures protection of privacy of personal information with implementation of effective security program.
What is an Opt-Out Notice?
It informs the customers of their right to opt out of sharing their information
When is an agreement reached?
Once the application is reached
What Regulation is GLB
Reg P
Whats the purpose of Gram Leach Bliley
To ensure that financial institutions protect nonpublic personal information
Consumer individual conducted transactions with financial institutions
Using an ATM, Cashing a check, wire transfer
When is a customer relationship established?
When a consumer has a continuing relationship with a financial institution
