The FTCs regulations require that the information security program contains administrative, technical, and physical safeguards that are appropriate to the size and complexity of the institution or servicer, the nature and scope of their activities, and the sensitivity of any student information. 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. 0000000809 00000 n The regulations at 16 C.F.R. Element 6: Addresses how the institution or servicer will oversee its information system service providers (16 C.F.R. The GLBA has important implications for pretexting in a couple different respects. 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. The text of the bill below is as of Apr 19, 2023 (Introduced). Gramm 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? The Gramm-Leach-Bliley Act (GLBA) generally requires that financial institutions send annual privacy notices to customers. See also infra discussion at section II.A. (Of course, this isn't always the case; some legislation deals with a fairly narrow range of related concerns.). endobj Gramm-Leach-Bliley Act (GLB Act) | EDUCAUSE Short title This Act may be cited as the Return to Prudent Banking Act of 2023. 0000000897 00000 n 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. The law applies to any business that is "significantly engaged" in providing financial products or services to consumers. Web(1) to insure the security and confidentiality of customer records and information; (2) to protect against any anticipated threats or hazards to the security or integrity of such endobj Please help us make GovTrack better address the needs of educators by joining our advisory group. S. 1179. 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. 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 Gramm Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. 0000003542 00000 n endobj 6801 et seq.) Part 314. 1843(j)) is amended to read as follows: Approval for certain post-1970 subsection (c)(8) activities. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic.
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