What is title five of the Gramm-Leach-Bliley Act?
Title V, subtitle A, of this Act (15 U.S.C. § 6801 et seq.) requires the FTC, along with the Federal banking agencies and other regulators, to issue regulations ensuring that financial institutions protect the privacy of consumers’ personal financial information.
How many titles does GLBA act have?
106–102 (text) (pdf), 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001)….Gramm–Leach–Bliley Act.
| Citations | |
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| Titles amended | 12 U.S.C.: Banks and Banking 15 U.S.C.: Commerce and Trade |
Is GLBA the same as Reg P?
Bureau of Consumer Financial Protection Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act. In December 2015, Congress amended the GLBA as part of the Fixing America’s Surface Transportation Act (FAST Act).
Who does the Gramm-Leach-Bliley Act apply to?
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.
Who is subject to GLBA?
What regulation does Glba fall under?
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.
Is GLBA regulation p?
Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA) governs the treatment of nonpublic personal information about consumers by financial institutions. The final rule adopting the model privacy form was effective on December 31, 2009. …
Are banks subject to GLBA?
The CCPA does not to apply to “personal information collected, processed, sold, or disclosed pursuant to the Gramm Leach Bliley Act (GLBA) and implementing regulations.” The GLBA regulates privacy and security for financial institutions and applies to more than just banks, including mortgage brokers, non-bank lenders.
What is Subtitle B of Title V?
Subtitle B of Title V (15 U.S.C. § 6821 et seq.) prohibits obtaining customer information of a financial institution by false pretenses. The FTC enforces these provisions with regard to entities not specifically assigned by the provision to the Federal banking agencies or other regulators.
What is a financial institution under the 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 was subtitle A of Gramm Leach Bliley Act?
Subtitle A also requires the FTC and other agencies to issue regulations for the safeguarding of personal financial information; this authority did not transfer. The Act also limits the sharing of account number information for marketing purposes.
What are the privacy provisions of the GLBA?
The privacy provisions of GLBA govern the treatment of nonpublic personal information about consumers and requires notice to consumers about what information financial institutions collect, how that information may be shared and with whom, and when and how consumers can restrict information sharing.