3106(c)) is amended by striking paragraph (3). The 20th undesignated paragraph of section 9 of the Federal Reserve Act (12 U.S.C. Short title. 1828b, 1849) clarify the application of the FTC Act and other FTC statutes to subsidiaries and other affiliates of depository institutions, and provide for certain interagency information sharing. Amendment by Pub. 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. How the LII Table of Popular Names works. But this is not normally the case, and often different provisions of the law will logically belong in different, scattered locations in the Code. 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. endobj The changes to the Safeguards Rule are effective June 9, 2023. 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. 0000001912 00000 n WebThis paper examines the impact of Gramm-Leach-Bliley Act across three main sectors of the financial services industry: commercial banks, insurance companies, and brokerage firms, taking account of the wealth effect associated with the announcement. Hackers/journalists/researchers: See these open data sources. 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. %PDF-1.2 % on the GLB Act requirements for financial privacy notices. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. Repeal of Gramm-Leach-Bliley Act provisions. You'll need to: The Safeguard Rule's mandates are generally phrased in terms of outcomes rather than specific infosec techniques that are required to achieve those outcomes. Before sharing sensitive information, make sure youre on a federal government site. 0000007438 00000 n 1844(c)) is amended. No appropriate Federal banking agency, by regulation, order, interpretation, or other action, and no court within the United States may construe the paragraph designated the Seventh of section 5136 of the Revised Statutes of the United States (12 U.S.C. S. 1179. 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. Institutions should coordinate with their leadership and appropriate staff to implement the requirements in the Final Rule by June 9. Section 8(c) of the International Banking Act of 1978 (12 U.S.C. The distinguishing feature of this kind of attack is that the scam artists comes up with a storyor pretextin order to fool the victim. 0000001050 00000 n WebV, Gramm-Leach-Bliley Act (15 U.S.C. Sponsored item title goes here as designed, The security laws, regulations and guidelines directory, What is pretexting? This process will be necessary for each IP address you wish to access the site from, requests are valid for approximately one quarter (three months) after which the process may need to be repeated. box 40751 olympia wa 98504-0751 Below we provide additional information about the updated requirements and definitions in the GLBA Safeguards Rule. 78c(a)(4)(B)) is amended, by striking clauses (i), (iii), (v), (vii), (x), and (xi); and. 0000006100 00000 n WebId., adding 15 U.S.C. If you have questions about the Departments enforcement of the GLBA, please contact the Cybersecurity Team at fsaschoolcybersafety@ed.gov. 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. Because you are a member of panel, your positions on legislation and notes below will be shared with the panel administrators. 314.4(i)). is amended by inserting after section 502 the following: 502A. H. R. 2714. WebGramm-Leach-Bliley Act The commonly used name for The Financial Services Modernization Act of 1999. Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA) 1 . GovTrack.us is not a government website. !`MBq!O!Xe=xB7p4IjPw 0jb7cZ5>$. 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. 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. Please help us make GovTrack better address the needs of educators by joining our advisory group. 0000007171 00000 n The U.S. Senate 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. L. 111203, set out as a note under section 552a of Title 5, Government Organization and Employees. Information security safeguards are fundamental to a system of internal controls and essential for preventing disruption to these core objectives as they guard the information systems that collect, maintain, process, and disseminate student information. Subparagraph (A) shall not apply with respect to service by any individual which is otherwise prohibited under such subparagraph if the appropriate Federal banking agency determines, by regulation with respect to a limited number of cases, that service by such individual as an officer, director, employee, or other institution-affiliated party of any insured depository institution would not unduly influence the investment policies of the depository institution or the advice the institution provides to customers. WebThe Gramm Leach Bliley Act (GLBA) is a comprehensive, federal US law enacted to control the way financial institutions handle customers personal information. Thank you for joining the GovTrack Advisory Community! 510 GRAMM-LEACH-BLILEY ACT14 (8) STATE INSURANCE AUTHORITY.The term State insur- ance authority means, in the case of any person engaged in providing 2. The FTC also provides a great deal of general data security guidance on its website. >vz6 Short title This Act may be cited as the Return to Prudent Banking Act of 2023. The language of the notices may be fairly boilerplate, and indeed the SEC makes model forms available. L. 106102, title V, 510, Nov. 12, 1999, 113 Stat. Definition, examples and prevention, business continuity and disaster recovery, The 10 most powerful cybersecurity companies, 7 hot cybersecurity trends (and 2 going cold), The Apache Log4j vulnerabilities: A timeline, Using the NIST Cybersecurity Framework to address organizational risk, 11 penetration testing tools the pros use, Designate employees to coordinate an infosec program, Identify risks to customer information across your company and assess the effectiveness of your current safeguards, Design, implement, monitor, and test an overarching safeguard program, Select service providers that are able to meet the requirements of the GLBA, and write that into your contract with them, Continually evaluate your program as circumstances and the threat landscape change, Understand the regulations and how they apply to you, Conduct a risk assessment (more on which in a moment), Ensure that effective controls are in place to mitigate risks, Make sure your service providers are GLBA-compliant, Confirm that you're meeting Privacy Rule requirements, Update your disaster recovery and business continuity plans, Prepare a written information security plan (WISP) a formal document of this type is a GLBA requirement, Report to the board the GLBA requires those responsible for inforsec make an annual report to an organizations managing board on GLBA compliance. Element 9: For an institution or servicer maintaining student information on 5,000 or more consumers, addresses the requirement for its Qualified Individual to report regularly and at least annually to those with control over the institution on the institutions information security program (16 C.F.R. [ 1] The GLBA provides a framework for regulating the privacy and data security practices of a broad range of financial institutions. 4 0 obj e,B endstream endobj 125 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 248 /Widths [ 250 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 551 ] /Encoding 123 0 R /BaseFont /OPPKBP+BGsddV01 /FontDescriptor 126 0 R /ToUnicode 124 0 R >> endobj 126 0 obj << /Type /FontDescriptor /Ascent 724 /CapHeight 806 /Descent 8 /Flags 6 /FontBBox [ 0 -111 518 733 ] /FontName /OPPKBP+BGsddV01 /ItalicAngle 0 /StemV 42 /XHeight 725 /StemH 54 /CharSet (EcekzW^H~{) /FontFile3 122 0 R >> endobj 127 0 obj << /Type /ExtGState /SA false /SM 0.02 /OP false /BG 131 0 R /UCR 128 0 R /TR /Identity >> endobj 128 0 obj << /FunctionType 0 /Domain [ 0 1 ] /Range [ -1 1 ] /BitsPerSample 16 /Size [ 256 ] /Length 670 /Filter [ /ASCII85Decode /FlateDecode ] >> stream Therefore, an institution that does not provide for the security of the information it needs to continue its operations would not be administratively capable. But the framers of the law correctly foresaw that by loosening existing banking regulations, they were opening the door to the creation of huge, sprawling firms offering an array of services ranging from checking accounts to high-end investmentsand that these companies would have access to huge amounts of customer information. The GLBA is also known as the Financial Services Modernization Act of 1999. 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. 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. 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. 12 new state privacy and security laws explained: Is your business ready? 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. 1445, provided that: to insure the security and confidentiality of customer records and information; to protect against any anticipated threats or hazards to the security or integrity of such records; and. The site is secure. <>stream 6801 et seq.) We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. 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. To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner Privacy notices like these need to be issued at the beginning of a customer's relationship with an institution and at least once per year thereafter; updated versions of the information must be issued when privacy policies change. The Act also prevents financial institutions from disclosing individuals' nonpublic personal information which is confidential. 41 note; 12 U.S.C. Section 5(c) of the Bank Holding Company Act of 1956 (12 U.S.C. Data breaches (a) In general Title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. Section 6801 et seq. Regulatory Agency. It might have even set a record. 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. The consequences for failure to comply with the GLBA can be severe: Our advice? Check out their Cybersecurity Assessment Tool, which can help you identify specific areas in which your organization may not be aligned with the GLBA's requirements. These would take the form of strict requirements about evidence people need to provide to prove they have the right to information they're trying to access, along with staff training to recognize and push back against phishing and other forms of pretexting. 2 0 obj The third major data privacy aspect of the GLBA is the Pretexting Rule. 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. (b). IN THE HOUSE OF REPRESENTATIVES April 19, 2023 106-102, 113 Stat. 314.4(e)). 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. WebText for S.900 - 106th Congress (1999-2000): Gramm-Leach-Bliley Act. <> Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. 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). The data security and privacy aspects of the law were included to allay fears that this info would be misused or exploited. The reasoning of the Supreme Court of the United States in the case referred to in paragraph (1) with respect to sections 20 and 32 of the Banking Act of 1933 (as in effect prior to the date of the enactment of the Gramm-Leach-Bliley Act) shall continue to apply to subsection (bb) of section 18 of the Federal Deposit Insurance Act (as added by subsection (a) of this section) except to the extent the scope and application of such subsection as enacted exceed the scope and application of such sections 20 and 32. Such audits can provide invaluable feedback, but keep in mind that they're essentially just providing a second opinion from a private company, not offering the United States Federal government's seal of approval. "z0:jy+^2>yA8#4o ZZ'n{hI~B^[ _CEukV.aZ: Fke\~NU7rh6V-K@% ;#8]VRU`ixsd#My:W BG;Jmwai`J SVzsAH>'o`K|;3@n7c4K3qNZKCyI[L(*LCYW\ytgRCBeEkz.0;e=(i'm;hX ]j`K;{'J2'~#%mc6BZp"37;&1uTr}*eUOf^>!Iu^.IkJJPaxxQ HY=Aw4-zHZ xU:NgO?2*4%Y)w/icu@oCRZ6u3 t6h" A;)sf5bbx6Gx0=(jfXaFBC&Gd*4Pe}LxUF(LnmOTUsyIqpY( 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. 5 0 obj Section 18 of the Federal Deposit Insurance Act (12 U.S.C. Laws acquire popular names as they make their way through Congress. 0000001782 00000 n The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. 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. 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. 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. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. WebGLB. endobj 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) is amended by striking subsections (k), (l), (m), (n), and (o). Pub. by redesignating clauses (ii), (iv), (vi), (viii), and (ix) as clauses (i), (ii), (iii), (iv), and (v), respectively. And starting in 2019 well be tracking Congresss oversight investigations of the executive branch. WebGramm-Leach-Bliley Act Tags: Consumer Protection Mission Consumer Protection Law Pub. Subsection (a) of section 206 of the Gramm-Leach-Bliley Act (15 U.S.C. 335) is amended by striking the last sentence. WebV, Gramm-Leach-Bliley Act (15 U.S.C. 0JjvQ R 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. Visit us on Mastodon Section 6801 et seq. The regulations required all covered businesses to be in full compliance by July 1, 2001. Element 3: Provides for the design and implementation of safeguards to control the risks the institution or servicer identifies through its risk assessment (16 C.F.R. 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. Definition of activities closely related to banking. We love educating Americans about how their government works too! 112 0 obj << /Linearized 1 /O 115 /H [ 1050 560 ] /L 104808 /E 30824 /N 18 /T 102449 >> endobj xref 112 22 0000000016 00000 n (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). The text of the bill below is as of Apr 19, 2023 (Introduced). Each of these individual provisions would, logically, belong in a different place in the Code. 0000005185 00000 n Shown Here: Introduced in House (04/19/2023) 118th CONGRESS 1st Session. by striking paragraph (6) and all that follows through the end of such subsection. Your note is for you and will not be shared with anyone. 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. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 5 The Security Guidelines establish standards relating to administrative, technical, and physical safeguards to ensure the security, confidentiality, integrity and the Webwashington state law library; town center east, building 3 243 israel road se tumwater, wa 98501 (360) 357-2136; mail: p.o. 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. An individual who is an officer, director, partner, or employee 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 may not serve at the same time as an officer, director, employee, or other institution-affiliated party of any insured depository institution. 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. Why can't these popular names easily be found in the US Code? Well be in touch. The Federal Deposit Insurance Act (12 U.S.C. The law applies to any business that is "significantly engaged" in providing financial products or services to consumers. Institutions or servicers provide a financial service when they, among other things, administer or aid in the administration of the Title IV programs; make institutional loans, including income share agreements; or certify or service a private education loan on behalf of a student. 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. Download PDF. This Act creates a new Federal private cause of action and Federal subject matter jurisdiction for a beneficiary of a covered policy to bring a civil action against the insurer for the covered policy or a related company of the insurer to recover proceeds due under the covered policy or otherwise to enforce any rights under the covered policy. Looking for legal documents or records? If you are human user receiving this message, we can add your IP address to a set of IPs that can access FederalRegister.gov & eCFR.gov; complete the CAPTCHA (bot test) below and click "Request Access". Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties. 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 ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers. Section 5136A of the Revised Statutes of the United States (12 U.S.C. 1338, codified in relevant part primarily at 15 U.S.C. 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. to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer. 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. c t`njNSj:;LpCY2nu#NeNu(}:ON? Section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. Updates to the Gramm-Leach-Bliley Act Cybersecurity Requirements, (GENERAL-23-09) The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators. Parts 160 and 164, established under the Health Insurance 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. 6801 It is usually found in the Note section attached to a relevant section of the Code, usually under a paragraph identified as the "Short Title". or securities. (More Info). That said, it isn't just the Citibanks of the world who fall under the watchful eye of regulators thanks to the GLBA. Visit us on Instagram, If sponsors had their way, the lyric in Youre a Grand Old Flag would change its description of America to a country where theres never Apr 27, 2023, March 29 was an unusually busy day in Congress for one Arizona Republican. 6803(f)), and before disclosing any consumer's personal financial information to an unaffiliated third party, and must give notice and an opportunity for that consumer to "opt out" from such disclosure. 1338, codified in relevant part primarily at 15 U.S.C. The term related company means an affiliate, as that term is defined in section 104(g) of the Gramm-Leach-Bliley Act (15 U.S.C. 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.