3 0 obj The process of incorporating a newly-passed piece of legislation into the Code is known as "classification" -- essentially a process of deciding where in the logical organization of the Code the various parts of the particular law belong. Federal government websites often end in .gov or .mil. If you teach United States government and would like to speak with us about bringing legislative data into your classroom, please reach out! endobj Element 7: Provides for the evaluation and adjustment of its information security program in light of the results of the required testing and monitoring; any material changes to its operations or business arrangements; the results of the required risk assessments; or any other circumstances thatit knows or has reason to know mayhave a material impact the information security program (16 C.F.R. 6801-6809, 6821-6827, Competition and Consumer Protection Guidance Documents, An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. ); (3)AAa covered entity or business associate governed by the privacy, security, and breach notification rules issued by the United States Department of Health and Human Services, 45 C.F.R. endobj <> Thank you for joining the GovTrack Advisory Community! 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. For instance, there's no specific GLBA password requirements; instead, GLBA-covered institutions are expected to follow contemporary best practices for authenticating access to personal data, which in practice today would include an appropriate password regime. The current information security requirements that institutions must meet are the GLBA Safeguards Rule requirements at 16 C.F.R. endobj 6701(g)). The Gramm-Leach-Bliley Act (GLBA) generally requires that financial institutions send annual privacy notices to customers. The appropriate Federal banking agency, 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 agency determines, having due regard for the purposes of this subsection and the Return to Prudent Banking Act of 2023, 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. Institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9. Please help us make GovTrack better address the needs of educators by joining our advisory group. 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. We work to advance government policies that protect consumers and promote competition. The Relief Act amendment directed financial regulatory agencies to collaborate and develop a 0000030139 00000 n 1 0 obj Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. requires the FTC, along with the Federal banking agencies and other regulators, to issue regulations ensuring that financial institutions protect the privacy of consumers' personal financial information. Regulatory Agency. L. No. (More Info). 0000001588 00000 n Our Table of Popular Names is organized alphabetically by popular name. BpcUNy!6g82ja3u|jMM#GHR! G lfD ] _#1WL~3"n[d^'Zv;f;Yah~9yea19I>~T{[1dK@=?Z~ax>8D;bc&aoF SB;\R )jmAX4p& Integrity Security & Investigation Services, Inc. Superior Mortgage Corp., In the Matter of, Sunbelt Lending Services, Inc., In the Matter of, Nationwide Mortgage Group, Inc., and John D. Eubank, In the Matter of. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. 668.16(c), an institution is required to have an adequate system of internal controls that provides reasonable assurance that the institution will achieve its objectives regarding reporting, operations, and compliance. or securities. The Comptroller of the Currency, 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 Comptroller determines, having due regard for 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. Section 4(c)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. 0000020628 00000 n Section 6801 et seq. Looking for legal documents or records? is amended by inserting after section 502 the following: 502A. 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. fC\huwa W.`SU`GH Sponsor: Gramm-Leach-Bliley Act Gramm-Leach The Federal Deposit Insurance Act is amended by striking section 46 (12 U.S.C. Section 6801 et seq. Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. 314.4(g)). So-called "Short Title" links, and links to particular sections of the Code, will lead you to a textual roadmap (the section notes) describing how the particular law was incorporated into the Code. For instance, if you have a checking and savings account at Bank A, you're Bank A's customer; if you don't have an account at Bank B but use their conveniently located ATM to withdraw cash from your account at Bank A, from Bank B's perspective you're only a consumer. to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. 24, as amended by section 16 of the Banking Act of 1933 and subsequent amendments) and section 21 of the Banking Act of 1933 (12 U.S.C. 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. Place hold Add to cart The Financial Privacy Rule (generally just shortened to the Privacy Rule) is relatively straightforward. 1. Part 314 use the terms customer and customer information. For the purpose of an institutions or servicers compliance with GLBA, customer information is information obtained as a result of providing a financial service to a student (past or present). on the GLB Act requirements for financial privacy notices. (1971)) with regard to the permissible activities of banks and securities firms, except to the extent expressly prescribed otherwise by this section. Are you up on what the revised Rule requires? 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. Search the Legal Library instead. Copyright 2023 IDG Communications, Inc. CSO provides news, analysis and research on security and risk management, Security and privacy laws, regulations, and compliance: The complete guide. All customers are consumers, but not all consumers are customers; customers are those consumers whose relationship with an institution are longer-lasting and more intimate. The .gov means its official. 2. with administrative, technical, and physical safeguards designed to protect customer information. Sometimes they are a way of recognizing or honoring the sponsor or creator of a particular law (as with the 'Taft-Hartley Act'). 6801 et seq). Section 3(a)(5)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). q(4cY7-;xb/8" ^k 8F|$@OH4hd{}Qw2TPnvL@D\}/x(`{#AzlV}r8#$3Xlyh?/mulVHqXsBl6'O U)@P3h^IdIZVvs?L7\a H==ta<1A>OQ2fGR`?`'q_ a)0Y}XdMO}4]?q@2UtrQhp Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. WebThe GLBA is a federal law that became effective in the United States In 1999. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 2'4R!`Y# !;_V.|r,/u;^Iq8yB^ug! WebV, Gramm-Leach-Bliley Act (15 U.S.C. We are also still on Instagram at @govtrack.us posting 60-second video summaries of legislation in Congress. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. Your note is for you and will not be shared with anyone. 1843(c)(8)) is amended to read as follows: (8) shares of any company the activities of which had been determined by the Board by regulation or order under this If organizations don't feel that they are up to the task of assessing their own preparedness and compliance, or if they want an honest assessment from an outsider, they can pay a third-party organization to audit their compliance. endobj You'll find three types of link associated with each popular name (though each law may not have all three types). Laws acquire popular names as they make their way through Congress. The Act also limits the sharing of account number information for marketing purposes. Section 3(a)(4)(B) of the Securities Exchange Act of 1934 (15 U.S.C. Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. Federal government websites often end in .gov or .mil. WebThe Gramm-Leach-Bliley Act is named for the lawmakers who sponsored it: Sen. Phil Gramm (R-Texas), Rep. Jim Leach (R-Iowa) and Rep. Thomas Bliley (R-Va.). The effective date for most of the changes to the Safeguards Rule is June 9, 2023. 8 0 obj The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had been banned since the Great Depression. The general public may be most aware of the GLBA in the context of debates as to whether it helped cause the 2008 subprime mortgage crisis, but for IT professionals, it's much better known for the data security and privacy mandates it imposes on a wide range of companies and organizations, even beyond the banking industry. (1971)) as to the construction and the purposes of such provisions. The Gramm-Leach-Bliley Act requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to explain their information-sharing practices to their customers and to safeguard sensitive data. %PDF-1.5 % Statement Regarding the Termination of CalPortland Companys Attempted Acquisition of Assets Owned by Rival Cement Producer Martin Marietta Materials, Inc. Is Franchising Fair? The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. L. 106-102, Nov. 12, 1999, 113 Stat. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. !/'r&[!Lg9jW@p "KL )DlT{8:5Dm(HzmKr{xYy=XGtU]1wNS$ZDv[DcU$SO8u%7{~sEO`2E\7gk(Tkr^d+ZYzv SBUU#$\'N_=EIDhq8UER'4&8(n@6x+r{-^?c^cRpsX&dXr\[$&B(VF*&Hn6U'/Z4M3u,bg`0 "dxm?Y\9p!82W1h:&z Mt?,`"cTcH^{x]F{=: )tL1kx.]Jn nu@y_nU{1&;I9:SGx#oHTr'7y endstream endobj 129 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 12113 /Subtype /Type1C >> stream endstream Privacy pros zero in on Title V, Subtitle A of the GLBA (15 U.S.C. It's also worth noting that, from the GLBA's perspective, part of safeguarding data involves having business continuity and disaster recovery plans in place, in case some catastrophic breach or data loss occurs that will affect your customers. The Gramm-Leach-Bliley Act (GLB Act) of 1999 sought to provide new rules for financial privacy. 3106(c)) is amended by striking paragraph (3). "6hfeLT*RWCW\O^ ~UTdhD/~p(&uJUCPu~}12k$kKq!/ uC}$Bw5C|W?3pK%>S@aMiVe+JS\5vP tVZ_XOh%$ HX6fZE,)HYPo6|QZBJ%0LNNJP$@z7E+F+#}S`2?1$T&M_f ~H?Ld:92#h-2ipM#7$2`1U;V]Gobek~C&/w|udk7a+!H` The publication provides valuable information such as describing what a reasonable security program should look like and goes over each of the nine required elements in greater detail. You can also find guidance regarding GLBA as well as other cybersecurity resources on the FSA Partner Connect Cybersecurity page. | Congress.gov | Library of Congress Our public interest mission means we will never put our service behind a paywall. <> 1844) is amended by striking subsection (g). The 20th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. By joining our advisory group, you can help us make GovTrack more useful and engaging to young voters like you. No determination of the Board under paragraph (1) may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. 9 0 obj governs the 1820a). 1831w). WebSec. In the case of a bank holding company which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with any entity that was permissible for a financial holding company, any affiliation by the bank holding company which is not permitted for a bank holding company shall be terminated as soon as practicable and in any event no later than the end of the 2-year period beginning on such date of enactment. In making any determination under paragraph (1), the Board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to result in a violation of section 18(bb) of the Federal Deposit Insurance Act, section 21 of the Banking Act of 1933, or the spirit of section 2(c) of the Return to Prudent Banking Act of 2023, and other possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. Any affiliation of an insured depository institution with any broker or dealer, any investment adviser, any investment company, or any other person, as of the date of the enactment of the Return to Prudent Banking Act of 2023, which is prohibited under paragraph (1) shall be terminated as soon as practicable and in any event no later than the end of the 2-year period beginning on such date of enactment.
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