What is the main purpose of the Gramm-Leach-Bliley Act?
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 are the two significant parts of the Gramm-Leach-Bliley Act?
The GLBA requires companies that qualify as “financial institutions” to take several affirmative steps in order to prevent the unauthorized collection, use, and disclosure of NPI. It imposes these obligations under two “Rules”: (i) the Privacy Rule, and (ii) the Safeguards Rule.
Who does the Gramm-Leach-Bliley Act apply to?
Gramm-Leach-Bliley Act applies to all businesses, regardless of size, that are “significantly engaged” in providing financial products or services to consumers.
What regulation is the Gramm-Leach-Bliley Act?
Financial Modernization Act of 1999
The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. It is a United States federal law that requires financial institutions to explain how they share and protect their customers’ private information.
What are the three main security goals of the Gramm-Leach-Bliley Act security requirements?
OBJECTIVE OF THE PROGRAM: Protect the security and confidentiality of Covered Data; • Protect against anticipated threats or hazards to the security or integrity of Covered Data; and • Protect against unauthorized access to or use of Covered Data that could result in substantial harm or inconvenience to any Customer.
What is the purpose of Do Not Call list quizlet?
The Do-Not-Call Registry provides a means by which consumers may register phone numbers that they do not wish to be called by telemarketers, subject to a handful of exceptions.
What are two federal laws that relate to the confidentiality of personal financial information?
Two federal laws cover your personal financial privacy: The Fair Credit Reporting Act (PDF) and the Gramm-Leach-Bliley Act.
What is NPI Gramm-Leach-Bliley Act?
The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a “financial institution” may disclose a consumer’s “nonpublic personal information” to nonaffiliated third parties. An overview of the privacy requirements of the GLB Act is available online.
What is a financial institution under Gramm-Leach-Bliley?
What Is a “Financial Institution” Under GLBA? The GLBA defines “financial institutions” as companies that are “significantly engaged” in providing financial products or services — such as loans, financial or investment advice, insurance, etc. — to individual consumers or customers.
What is the purpose of the Do Not Call Implementation Act?
The Do-Not-Call Implementation Act authorizes the FTC to collect fees for the implementation and enforcement of a Do-Not-Call Registry.