What was the purpose of the Gramm-Leach-Bliley Act of 1999?
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.
What is considered nonpublic personal information?
means personally identifiable financial information (1) provided by a consumer to a financial institution, (2) resulting from any transaction with the consumer or any service performed for the consumer, or (3) otherwise obtained by the financial institution.
What is GLBA permissible use?
For use to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability. Examples: Fraud prevention or detection by government sector. Fraud prevention or detection by private sector.
What is a primary component of the Gramm-Leach-Bliley Act?
Procedures. There are three major components of the Gramm-Leach-Bliley Act including a Financial Privacy Rule, Safeguards Rule, and Pretexting Protection.
What is Title V of the Gramm-Leach-Bliley Act?
Title V, subtitle A, of this Act (15 U.S.C. § 6801 et seq.) 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.
What is considered personally identifiable information that is protected by the GLB Act?
So, the rule definition of personally-identifiable financial information is any information that a financial institution obtains about a consumer— everything from the value of a consumer’s home obtained in the process of approving a loan, to the fact that an individual even has a loan with a particular institution.
Which is considered nonpublic personal information as defined by the California financial Code?
(a) “Nonpublic personal information” means personally identifiable financial information (1) provided by a consumer to a financial institution, (2) resulting from any transaction with the consumer or any service performed for the consumer, or (3) otherwise obtained by the financial institution.
What is GLBA data?
The GLBA requires that financial institutions act to ensure the confidentiality and security of customers’ “nonpublic personal information,” or NPI. The Safeguards Rule states that financial institutions must create a written information security plan describing the program to protect their customers’ information.
How does the Gramm-Leach-Bliley Act define a customer?
customer defined. The Gramm–Leach–Bliley Act defines a “consumer” as. “an individual who obtains, from a financial institution, financial products or services which are to be used primarily for personal, family, or household purposes, and also means the legal representative of such an individual.” (See 15 U.S.C.
