You'll find three types of link associated with each popular name (though each law may not have all three types). Gramm-Leach-Bliley Act An Act to Enhance Competition in the Financial Services Industry by Providing a Prudential Framework for the Affiliation of Banks, Securities Firms, Insurance Companies, and Other Financial Service Providers, and for Other Purposes Public Law 106-102, 106th Congress, S. 900 NOTE: 113 Stat. Section 6801 et seq. Pub. Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. 0000007438 00000 n Under the Standards of Administrative Capability at 34 C.F.R. Gramm-Leach-Bliley Act Gramm-Leach L. No. 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 on this bill on a six-point scale from strongly oppose to strongly support. The U.S. Senate 4 0 obj If you can, please take a few minutes to help us improve GovTrack for users like you. This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. An official website of the United States government. 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. to the extent that a later date is specified in the rules prescribed under section 504; and, In furtherance of the policy in subsection (a), each agency or authority described in, This subtitle [subtitle A (501510) of title V of. 0000005185 00000 n And as we said before, a particular law might be narrow in focus, making it both simple and sensible to move it wholesale into a particular slot in the Code. Sun Spectrum Communications Organization, Inc., et al. The guide summarizes and explains rule amendments adopted by the Commission, but is not a substitute for any rule. 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. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. 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. to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. 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. 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. L. 111203 effective on the designated transfer date, see section 1100H of Pub. Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 314.4(f)). The Gramm-Leach-Bliley Act (GLBA), signed into law last November, authorized the certification of financial holding companies, the structure that looks to be the main vehicle for linking commercial banks with securities firms, insurance firms, and merchant banking. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. As the name suggests, the purpose of the Federal Trade Commissions Standards for Safeguarding Customer Information the Safeguards Rule, for short is to ensure that entities covered by the Rule maintain safeguards to protect the security of customer information. Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. 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. box 40751 olympia wa 98504-0751 Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. "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$2`1U;V]Gobek~C&/w|udk7a+!H` WebSec. SM_Y9d1`uwUN:t m^3_ . Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. Contributing writer, L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Section 728 of the Regulatory Relief Act directs the agencies named in Section 504(a)(1) of the GLB Act, 15 U.S.C. Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. Institutions and servicers also sign the Student Aid Internet Gateway (SAIG) Enrollment Agreement, which states that they will ensure that all Federal Student Aid applicant information is protected from access by, or disclosure to, unauthorized personnel, and that they are aware of and will comply with all of the requirements to protect and secure data obtained from the Departments systems for the purposes of administering the Title IV programs. WebGrammLeachBliley Act (GLBA), Regulation R, and Retail Nondeposit Investment Sales The Gramm-Leach-Bliley Act sets forth certain exceptions for banks from the broker-dealer registration requirements of the Securities and Exchange Act of 1934. This is a project of Civic Impulse, LLC. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. Make sure you're in compliance nowit'll protect both you and your customers. 9 0 obj Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. HW[S~o-|SI@a[`Vq;,O$;NmqI}3 c`~0B t1T'0]c6D(6vp>t-1z-sqn.ax=j-T;mY>qI6a6Z7jIoJQUrc01Q(4@> Dy" )v{QuZPoRA%4._`xJWiJ5UfI,WcKEE)U:R.kXGuDSP:-wMWMs\_NO%SEi(|o6X( j)E%*Cuf<1ULPkz?FyRaB>E^kT{">[ZZI($>OIdvD&b2 xU2m ?XTDI. An official website of the United States government. Subject to a determination under subparagraph (B), an appropriate Federal banking agency may extend the 2-year period referred to in subparagraph (A) from time to time as to any particular insured depository institution for not more than 6 months at a time, if, in the judgment of the agency, such an extension would not be detrimental to the public interest, but no such extensions shall in the aggregate exceed 1 year. Help us develop the tools to bring real-time legislative data into the classroom. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. WebThe GLBA is a federal law that became effective in the United States In 1999. The FTC also provides a great deal of general data security guidance on its website. 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. This Electronic Announcement provides a summary of the changes to the GLBA requirements resulting from the Final Rule, explains the impacts of the changes on postsecondary institutions, and describes changes to the Department of Educations (Department) enforcement of the GLBA requirements. Element 6: Addresses how the institution or servicer will oversee its information system service providers (16 C.F.R. See also infra discussion at section II.A. As these descriptions should make clear, getting ready for the GLBA is a big effort, but it will largely overlap with needed cybersecurity measures that any institution should be taking. 1338, codified in relevant part primarily at 15 U.S.C. The FTC is one of the primary enforcement arms; it notched a recent settlement with PayPal over violations from the company's Venmo service, for instance. An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments. Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA) 1 . The Federal Deposit Insurance Act is amended by striking section 46 (12 U.S.C. box 40751 olympia wa 98504-0751 Subsection (j) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 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. ]JX9&TN:pP2U:'%#yqQ_ ,0C5)4KzOD^W [~A5R&16 uveAgH)djZ^rM_8#!yVxW5B$} W(hgV9&O|"jJBk=DP N?nxs!]I)$y@qK endstream endobj 122 0 obj << /Filter [ /ASCII85Decode /FlateDecode ] /Length 312 /Subtype /Type1C >> stream WebThe Gramm-Leach-Bliley Act requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to 314.4(i)). Such institutions must develop and give notice of their privacy policies to their own customers at least annually (except where exempted under section 75001 of the Fixing America's Surface Transportation Act (FAST Act), Pub. Find legal resources and guidance to understand your business responsibilities and comply with the law. Find the resources you need to understand how consumer protection law impacts your business. We hope to make GovTrack more useful to policy professionals like you. Therefore, an institution that does not provide for the security of the information it needs to continue its operations would not be administratively capable. Search the Legal Library instead. Search the Legal Library instead. Element 5: Provides for the implementation of policies and procedures to ensure that personnel are able to enact the information security program (16 C.F.R. The Gramm-Leach-Bliley Act is a U.S. federal law created to control how financial institutions deal with a consumers non-public personal information (NPI). M}f Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. Are you up on what the revised Rule requires? Subsection (a) of section 206 of the Gramm-Leach-Bliley Act (15 U.S.C. Place hold Add to cart The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. 78c(a)(5)(C)) is amended. When it comes to data security and privacy compliance requirements under the GLBA, there are three main sets of regulationseach called a Rule in regulation-speakthat IT needs to worry about: the Financial Privacy Rule, the Safeguard Rule, and the Pretexting Rule. Also, Sections 131-133 of the Act (15 U.S.C. On December 9, 2021, the Federal Trade Commission (FTC) issued final regulations (Final Rule) to amend the Standards for Safeguarding Customer Information 1st Session. 0000000809 00000 n We love educating Americans about how their government works too! 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. by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. We find that the law has a differential impact across the financial services industry. 1338, codified in relevant part primarily at 15 U.S.C. 314.4(e)). An institutions or servicers written information security program must include the following nine elements included in the FTCs regulations: Element 1: Designates a qualified individual responsible for overseeing and implementing the institutions or servicers information security program and enforcing the information security program (16 C.F.R. Subtitle B of Title V (15 U.S.C. As a result, often the law will not be found in one place neatly identified by its popular name. Federal government websites often end in .gov or .mil. Due to aggressive automated scraping of FederalRegister.gov and eCFR.gov, programmatic access to these sites is limited to access to our extensive developer APIs. HTQj@}Ygv5/"M";eag|BG y ^#XmRdPRj"\mc@FRDq+7{ER6{,_{kDF0Z"nd/b>oOc%"!a(N9!`bH.^"3=TgoNqe#k# ^TW=\wR}B >r? <> Before sharing sensitive information, make sure youre on a federal government site. 314.4(a)). Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, (GENERAL-23-09) In cases where no data breaches have occurred and the institutions or servicers security systems have not been compromised, if the Department determines that an institution or servicer is not in compliance with all of the Safeguards Rule requirements, the institution or servicer will need to develop and/or revise its information security program and provide the Department with a Corrective Action Plan (CAP) with timeframes for coming into compliance with the Safeguards Rule. Or, as another example, if you apply for a loan at Bank C and have no pre-existing relationship with them, you're still only considered a consumer; you become a customer only if the loan is approved and you receive the money. Financial institutions need to provide customers with written information explaining what information is collected about them, how that information is used, where and with whom it's shared, and how it's protected. Visit us on Mastodon \ <> Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. This Act may be cited as the Return to Prudent Banking Act of 2023. 12 new state privacy and security laws explained: Is your business ready? 1. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). Launched in 2004, GovTrack helps everyone learn about and track the activities of the United States Congress. The Department intends to work with all institutions to improve their information security posture, including those that may not have yet implemented the Safeguards Rule requirements. | Congress.gov | Library of Congress Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators.
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