\ While many of these rules represent best IT practices, the legal stakes of noncompliance are high, with big fines and even potential jail time looming for those who fall short. Section 6801 et seq. 0JjvQ R Element 2: Provides for the information security program to be based on a risk assessment thatidentifies reasonably foreseeableinternal and external risks to thesecurity, confidentiality, and integrity ofcustomer information (as the term customer information applies to the institution or servicer) that could resultin the unauthorized disclosure, misuse,alteration, destruction, or othercompromise of such information, andassesses the sufficiency of anysafeguards in place to control theserisks (16 C.F.R. The site is secure. If you have questions regarding any of the GLBA requirements, please contact the FTC at 202-326-2222. GovTrack.us is not a government website. Instead, those who classify laws into the Code typically leave a note explaining how a particular law has been classified into the Code. 1787, codified at 15 U.S.C. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. 378) is amended by adding at the end the following new subsection: For purposes of this section, the term business of receiving deposits includes the establishment and maintenance of any transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act). [ 1] The GLBA provides a framework for regulating the privacy and data security practices of a broad range of financial institutions. 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 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. Element 8: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the establishment of an incident response plan (16 C.F.R. <> WebThe Security Guidelines implement section 501 (b) of the Gramm-Leach-Bliley Act (GLB Act) 4 and section 216 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. 0000003542 00000 n The regulations required all covered businesses to be in full compliance by July 1, 2001. But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. We are excited to now be on Mastodon, a social network developed by and for its users. S. 1179. 6801 et seq.) 0000005709 00000 n Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. M}f We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. An official website of the United States government. 0000000809 00000 n This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. If you want to request a wider IP range, first request access for your current IP, and then use the "Site Feedback" button found in the lower left-hand side to make the request. 78c(a)(5)(C)) is amended. Summary of H.R.2714 - 118th Congress (2023-2024): 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. Find the resources you need to understand how consumer protection law impacts your business. <> The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. 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. An insured depository institution may not be or become an affiliate of any broker or dealer, any investment adviser, any investment company, or any other person engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities. The distinguishing feature of this kind of attack is that the scam artists comes up with a storyor pretextin order to fool the victim. Element 4: Provides for the institution or servicer to regularly test or otherwise monitor the effectiveness of the safeguards it has implemented (16 C.F.R. 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. 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. <>stream The Act also limits the sharing of account number information for marketing purposes. Each report submitted to the Congress under subsection (a) shall contain a detailed description of the basis for the determination or extension. Data breaches (a) It might have even set a record. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 0000008401 00000 n WebAct of 1956 (12 U.S.C. ), was designed to regulate the disclosure and protection of nonpublic personal information (NPI) collected by a financial institution from an individual in order to obtain a financial product or service from the institution for personal, family, or endobj Your note is for you and will not be shared with anyone. 78c note) is amended. In Dear Colleague LettersGEN-15-18andGEN-16-12, we reminded institutions about the longstanding requirements of GLBA and notified them of our intention to begin enforcing the legal requirements of GLBA through annual compliance audits. The Congress ratifies the interpretation of the paragraph designated the Seventh of section 5136 of the Revised Statutes of the United States (12 U.S.C. But if you're looking for a risk assessment specifically tailored to Federal cybersecurity mandates like the GLBA, the Federal Financial Institution Examination Council (FFIEC) has you covered. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule), an important component of the Gramm-Leach-Bliley Acts (GLBA) requirements for protecting the privacy and personal information of consumers. A BILL To amend the Gramm-Leach-Bliley Act to establish procedures for disclosures by financial institutions of nonpublic personal information, and for other purposes. The text of the bill below is as of Apr 19, 2023 (Introduced). Please sign up for our advisory group to be a part of making GovTrack a better tool for what you do. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. In line with the older Fair Credit Reporting Act, the Privacy Rule also requires that institutions give consumers the ability to forbid the financial institution from sharing their information with unaffiliated third parties. ); (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. 32k!6=uHSj\-1UIC]Li5]|:suWR+R4;<0{PC\ZW]dt T|Q}!s\7BRmgCJI$X=r+FetvXT.26T ) 2wJ~j^5}7=(E 0gZ%A6d;bn@ i, )Pn\|-b>T,9:4 (iF]v';#?o6**O bh*0He [WEn s)xsTW?%iF!$*gE}+3iC/h()X&/23dusoe _~?fup}1\xGl ba7#&a 22=b-;`$&4?m #c$Wv(9y^/UR|P{Of'`N&;z TBGWbKw9DCvT] ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers. Repeal of Gramm-Leach-Bliley Act provisions. endobj This Act may be cited as the Return to Prudent Banking Act of 2023. Why can't these popular names easily be found in the US Code? endobj WebFinally, acts may be referred to by a different name, or may have been renamed, the links will take you to the appropriate listing in the table. Wall between commercial banks and securities activities reestablished. <>/ExtGState<>>> The FTC Safeguards Rule requires covered companies to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information. Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 106102, 113 Stat. 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. Repeal of provision relating to foreign banks filing as financial holding companies. The Safeguards Rule took effect ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. :o8}*uj & S)72Uf'uWrTN03Mct-+r"vp=VC&:)7a\]mIsZ'>:g]bY4b2}`I TXfcme*1:1Ve{@#*b8$8+Ty;^uWLXU)@l)LRU>u}Ub8ga7qn`) gZ?I"6 endstream endobj 123 0 obj << /Type /Encoding /Differences [ 32 /space 191 /questiondown 248 /oslash ] >> endobj 124 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 296 >> stream 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. is amended by inserting after section 502 the following: 502A. In theory, any law -- or individual provisions within any law -- passed by Congress should be classifiable into one or more slots in the framework of the Code. The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. 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. Institutions or servicers that maintain student information for fewer than 5,000 consumers are only required to address the first seven elements. %PDF-1.2 % Gramm-Leach-Bliley Act Gramm-Leach On February 28, 2020, we issued an Electronic Announcement that explained the Departments procedures for enforcing those requirements and the potential consequences for institutions or servicers that fail to comply. Learn more about your rights as a consumer and how to spot and avoid scams.
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