GLB - Gramm-Leach Bliley Act
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
