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Gramm-Leach-Bliley Act:
The Gramm-Leach-Bliley Act was enacted by the
United States Congress to protect
the personal financial information of consumers
which is handled and stored by financial
institutions. This legislation is made up of
three parts: the Financial Privacy Rule, the
Safeguards Rule and Pretexting Provisions. Of
these three, the Safeguards Rule is the section
which created the need for implementing privacy
enhancement technologies.
The Safeguards Rule-
"The Safeguards Rule
requires all financial institutions to design,
implement and maintain safeguards to protect
customer information. The Safeguards Rule applies
not only to financial institutions that collect
information from their own customers, but also to
financial institutions – such as credit reporting
agencies – that receive customer information from
other financial institutions."-
http://www.ftc.gov/privacy/glbact/
This means those who handle consumer financial
information need to follow certain standards which are
designed to protect the safety
and confidentiality of customer information. This includes implementing preventative
measures which guard against unauthorized access or use of financial
data records or
information.
Who is Required to
Comply with the Safeguards Rule?
According to the FTC, companies and institutions
affected by this law can include:
- Insurance Companies
- Banks and
Loaning institutions
- Tax Advisors
and Preparers
- Medical
Services providers
- Mortgage
Lenders or Brokers
- Credit
Counseling Service Providers
- Collection
Service agencies
- Auto Dealers
- Check Cashing
Service Providers
- Retailers
(that issue their own credit card)
- Government
entities (that offer student loans, mortgages,
etc.)
- Those who
sell money orders, savings bonds, traveler's
checks, etc.
- many others
not listed here
For more
information on the Privacy Requirements of the Gramm-Leach-Bliley
Act, refer to the brief summary at:
http://www.ftc.gov/bcp/conline/pubs/buspubs/glbshort.htm
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