3 0 obj 0JjvQ R The regulations at 16 C.F.R. Gramm endstream Under the Dodd-Frank Act, this rulemaking authority transferred to the Bureau of Consumer Financial Protection (except with respect to certain motor vehicle dealers), but the FTC continues to have enforcement authority. on this bill on a six-point scale from strongly oppose to strongly support. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! Repeated non-compliance by an institution or a servicer may result in an administrative action taken by the Department, which could impact the institutions or servicers participation in the Title IV programs. See also infra discussion at section II.A. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. Before the GLBA, these kinds of scams could only be prosecuted under other laws about fraud or false pretenses that didn't always exactly match up with attackers' specific techniques. Anyone who obtains financial products or services from a company is dubbed a consumer, but consumers who maintain a continuing relationship with that institution are customers. 6701(g)). Join GovTrack.uss Inner Circle With a Yearly Membership, In retaliation for prosecutor Alvin Bragg indicting Trump, ALVIN Act would ban federal funds for, On March 29, Arizona Republican Andy Biggs introduced a (possible record) 521 bills in one day, No More Political Prosecutions Act would give presidents like Trump option to move their legal. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments), section 21 of the Banking Act of 1933, or section 18(bb) of the Federal Deposit Insurance Act more narrowly than the reasoning of the Supreme Court of the United States in the case of Investment Company Institute v. Camp (401 U.S. 617 et seq. As a result, often the law will not be found in one place neatly identified by its popular name. L. No. Gramm-Leach-Bliley Act | Federal Trade Commission If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! Pretexting is form of social engineering in which an attacker tries to convince a victim to give up valuable information or access to a service or system. For example, consumers who aren't customers are only entitled to privacy and opt-out notices if an institution makes specific plans to share those consumers' data with third parties; customers have these rights as soon as they establish a customer relationship. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. Before sharing sensitive information, make sure youre on a federal government site. Section 3(a)(4)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 5 0 obj 314.4(a)). For instance, large educational institutions now have their GLBA compliance reviewed as part of their annual federal compliance audits that they must submit to the Department of Education. endobj 1841) is amended by striking subsection (p). Each report submitted to the Congress under subsection (a) shall contain a detailed description of the basis for the determination or extension. The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. others, or safeguarding financial assets other than money. The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. 0000001782 00000 n endobj <>/ExtGState<>>> The Board of Governors of the Federal Reserve System, after opportunity for hearing, may terminate, at any time, the authority conferred by the preceding subparagraph to continue any affiliation subject to such subparagraph until the end of the period referred to in such subparagraph if the Board determines, having due regard to the purposes of this Act, that such action is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices, and is in the public interest. Ensure the security and confidentiality of student information; Protect against any anticipated threats or hazards to the security or integrity of such information; and. 314.4(g)). 1828) is amended by adding at the end the following new subsection: Prohibition on affiliation between insured depository institutions and investment banks or securities firms. Prohibition on banking activities by securities firms clarified. To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called Glass-Steagall Act, and for other purposes. It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. WebThe Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, was passed in November 1999. Gramm Leach Bliley Act - Louisiana State University Shreveport The regulations required all covered businesses to be in full compliance by July 1, 2001. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. by inserting and after the semicolon at the end of paragraph (4); in paragraph (5)(B)(ii), by striking ; or and inserting a period; and. 0000002543 00000 n Part 314. ACT 1. 106-102, 113 Stat. Sometimes classification is easy; the law could be written with the Code in mind, and might specifically amend, extend, or repeal particular chunks of the existing Code, making it no great challenge to figure out how to classify its various parts. Why can't these popular names easily be found in the US Code? Text 1843(c)(8)) is amended by striking the day before the date of the enactment of the Gramm-Leach-Bliley Act and inserting January 1, 1970. Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). WebGramm-Leach-Bliley Act The commonly used name for The Financial Services Modernization Act of 1999. (More Info). 1338. The Infosec Institute outlines ten top-level steps your infosec or IT organization needs to take in order to be GLBA compliant: A risk assessment is an important part of the threat modeling process that many infosec teams do as a matter of course. WebGrammLeachBliley Act (GLBA), Regulation R, and Retail Nondeposit Investment Sales The Gramm-Leach-Bliley Act sets forth certain exceptions for banks from the broker-dealer registration requirements of the Securities and Exchange Act of 1934. Slaughter, FTC Safeguards Rule: What Your Business Needs to Know, FTC's Privacy Rule and Auto Dealers: FAQs, How To Comply with the Privacy of Consumer Financial Information Rule of the Gramm-Leach-Bliley Act, Compliance deadline for certain revised FTC Safeguards Rule provisions extended to June 2023, New publication offers guidance on revised FTC Safeguards Rule, Updating you on FTC privacy and data security initiatives, Corporate boards: Dont underestimate your role in data security oversight, Application of Title V, Subtitle A, of the G-L-B Act, and of the Commission's Privacy Rule, to Attorneys At Law, Ascension Data & Analytics, LLC, In the Matter of, LightYear Dealer Technologies, LLC, In the Matter of, FTC v. Global Mortgage Funding, Inc., et al., SACV 02-1026 DOC, __________________, a minor, also known as _______________, by his parent ____________, Fajilan and Associates, Inc., also d/b/a Statewide Credit Services, In the Matter of, James B. Nutter & Company, a corporation, in the Matter of, Premier Capital Lending, Inc., et al., In the Matter of, American United Mortgage Company., United States of America (for the FTC), Nations Title Agency, Inc., Nations Holding Company, and Christopher M.
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