Gramm Leach Bliley Act

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	Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia
		Senator Phil Gramm led the Senate Banking Committee which sponsored the Act; he later joined UBS Warburg, at the time the investment banking arm of the largest Swiss bank.
		The Act was desired by many of the largest banks, brokerages, and insurance companies in the country at the time.
		Violation of the GLBA may result in a civil action brought by the United States Attorney General.
	en.wikipedia.org /wiki/Gramm-Leach-Bliley_Act (1836 words)

	Gramm-Leach-Bliley Act
		Rather, the definition is specific to an individual acting as an individual, and is also specific in terms of the intended use of the contact with the financial institution.
		The Act defines "consumer" as "an individual who obtains, from a financial institution, financial products or services which are to be used primarily for personal, family or household purposes, and also means the legal representative of such an individual (emphasis added)." In its final rule adoption in the May 24, 2000 Federal Register, Vol.
		GLB is designed to streamline many aspects of the financial services industry, and also to provide privacy protection to consumers who interact with that industry, particularly with relation to the use and reuse of consumer non-public information.
	www.creditservices.org /articles/art131.shtml (554 words)

	Gramm Leach Bliley Act (GLBA) - financial security compliance and data security
		Gramm Leach Bliley Act (GLBA) - financial security compliance and data security
		Whilst the GLB Act allows different financial institutions to share personal (non-public) information between themselves it implies the need to protect that personal information when it is collected.
		ArticSoft products can ensure that you meet the requirements of the GLB Act easily and cost effectively when exchanging or storing files.
	www.articsoft.com /gramm_leach_bliley.htm (850 words)

	SIA Issues - Gramm-Leach-Bliley
		Commercial Basket: The Act includes a grandfather provision for commercial activities which permits a securities firm that becomes a FHC to continue to engage in commercial activities in an amount not to exceed 15 percent of its consolidated annual gross revenues, excluding bank subsidiaries.
		Privacy: The Act requires all financial institutions, regardless of whether they form an FHC, to disclose to customers their policies and practices for protecting the privacy of non-public personal information.
		The Act prohibits non-financial companies from owning commercial banks.
	www.sia.com /gramm_leach_bliley (774 words)

	EPIC Gramm-Leach-Bliley Act Page (GLBA)
		The GLBA was introduced in the Senate by Senator Phil Gramm (R-TX) as 106 S. 900 and in the House of Representatives by Representative James Leach (R-IA) as 106 H.R. It was signed by President Clinton and became Public Law 106-102 (113 Stat.
		GLBA notices do inform consumers that their personal information will be shared, but they generally do not inform the individual of who will receive the information or the purposes for which it will be used.
		GLBA assumes a company will explain a complex set of legal definitions added to numerous exceptions to the law in a way that will allow for an informed choice and in transparent language.
	www.epic.org /privacy/glba (4740 words)

	1999 Gramm-Leach-Bliley Act: Money and Banking (Tesfatsion)
		The GLB Act endorses the view that the primary focus of the Federal Reserve's supervisory attention should be on the balance-sheet and off-balance-sheet risk exposure of BHCs and FHCs that could adversely affect insured depository institutions.
		The GLB Act includes several provisions that affect the implementation of the Community Reinvestment Act (CRA), including the requirement that a BHC cannot become an FHC unless all of the BHC's insured depository institutions have a CRA rating of satisfactory or better.
		The GLB Act also authorizes FHCs to engage in any nonfinancial activity that the Federal Reserve Board determines is complementary to a financial activity and poses no substantial risk to the safety and soundness of depository institutions or the financial system.
	www.econ.iastate.edu /classes/econ353/tesfatsion/glbact99.htm (900 words)

	ftc.doc
		The Gramm-Leach-Bliley Act and the related Federal Trade Commission (FTC) regulations contain restrictions on the disclosure of personal financial information of certain individual clients and also require the distribution of privacy notices to those clients.
		The Gramm-Leach-Bliley Act refers to other financial institution legislation to provide penalties for noncompliance.
		The Gramm-Leach-Bliley Act places requirements on those who are “significantly engaged” in providing individual clients with tax return preparation and tax and financial planning services, including CPAs.
	ftp.aicpa.org /public/download/news/ftc.doc (3239 words)

	Are you in compliance with Gramm-Leach-Bliley storage requirements?
		Gramm-Leach-Bliley Act is aimed at financial institutions and is enforced by eight separate federal agencies and the states.
		Here is an overview of the Gramm-Leach-Bliley Act and its requirements that specifically address storage and security of data.
		One major component of Gramm-Leach-Blileyrequires that safeguards be in place to protect your customers' private financial information.
	techrepublic.com.com /5100-9592_11-5804601.html (849 words)

	BII Compliance - Gramm-Leach-Bliley Act (GLBA)
		The Gramm-Leach-Bliley Act of 1999 was one of the most powerful consumer privacy protection mechanisms to reach the financial services industry.
		Navigation * Home / Consultancy / Gramm-Leach-Bliley Act (GLBA)
		The Gramm-Leach-Bliley Act Safeguards Rule requires financial institutions to prevent unauthorised access to non-public personal information.
	www.bii-compliance.com /glba.htm (334 words)

	Gramm-Leach-Bliley Act Financial Privacy Provisions
		The Gramm-Leach-Bliley Act ("GLBA") implemented the most sweeping overhaul of financial services regulation in the United States in over 60 years by eliminating the long-standing barriers between banking, investment banking and insurance.
		Under the BHCA, GLBA financial holding companies will be allowed to engage in a wide and potentially expanding set of activities that are considered to be financial activities ranging from insurance brokerage to data processing and to various types of Internet services.
		Subtitle B of title V of the GLBA is directed at ending an increasingly prevalent practice by both entities and individuals to obtain confidential financial information regarding individuals by misrepresenting their right to such information.
	www.ffhsj.com /bancmail/bmarts/ecdp_art.htm (8452 words)

	American Bar Association
		The Court finds that attorneys are not financial institutions under the definition of the Gramm-Leach-Bliley Act and that Title V Subtitle A does not apply to attorneys engaged in the practice of law.
		Title V, Subtitle A of the Gramm-Leach-Bliley Act requires financial institutions to provide customers with periodic notice of the institution's privacy protection policies and empowers federal agencies to enforce protection regimes within those firms.
		Access a helpful article on the Gramm-Leach-Bliley Act of 1999 on the ABA Tax Section's web site at http://www.abanet.org/tax/glbnote.html.
	www.abanet.org /poladv/glbfactsheet.html (1099 words)

	NETBankAudit - Gramm Leach Bliley Act
		Gramm Leach Bliley provides general requirements for how customer information should be protected.
		The act requires that all intrusions be reported on the interagency Suspicious Activity Report.
		The act states that customer "nonpublic personally identifiable information" needs to be protected.
	www.netbankaudit.com /grammleachblileyact.htm (412 words)

	Federal Reserve Issuances Relating to the Gramm-Leach-Bliley Act
		Section 713 of the Gramm-Leach-Bliley Act of 1999 (Public Law 106-102) directs the Board of Governors of the Federal Reserve System to study and report to the Congress on the default rates, delinquency rates, and profitability of lending activities undertaken in conformance with the Community Reinvestment Act of 1977 (CRA).
		The joint proposed rule amends the uniform regulations implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to effectuate the amendment to section 109 contained in the Gramm-Leach-Bliley Act.
		The Federal Deposit Insurance Act establishes annual reporting and public disclosure requirements for certain written agreements that are entered into between insured depository institutions or their affiliates and nongovernmental entities or persons (NGEPs) and that are made pursuant to, or in connection with, the fulfillment of the Community Reinvestment Act of 1977.
	www.finmod.state.tx.us /content/federal/frb.htm (2174 words)

	Gramm-Leach-Bliley Act (GLBA)
		Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act") has privacy provisions relating to consumers' financial information.
		We integrated Gramm-Leach-Bliley, our "best practices" information security policies (ISP), and ISO17799 for a holistic approach to security management and awareness.
		Ability to incorporate ISO17799 / BS7799 and "best practices" policies and standards into GLBA requirements
	www.securitywebsites.com /GLBAct.htm (132 words)

	Gramm-Leach-Bliley Act - a Whatis.com definition
		The Gramm-Leach-Bliley Act (GLB Act), also known as the Financial Modernization Act of 1999, is a federal law enacted in the United States to control the ways that financial institutions deal with the private information of individuals.
		The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit the practice of pretexting (accessing private information using false pretenses).
		The Act also requires financial institutions to give customers written privacy notices that explain their information-sharing practices.
	searchexchange.techtarget.com /gDefinition/0,294236,sid43_gci951347,00.html?track=NL-368&ad=486368 (224 words)

	Gramm-Leach-Bliley Act
		As you may know, the Gramm-Leach-Bliley Act was signed by President Clinton in 1999.
		The stated purpose of the Act and Rule is to ensure that "financial institutions" respect the privacy of their customers and protect the security and confidentiality of "nonpublic personal information" collected when an individual obtains a "financial product or service." The FTC chose to retain a broad definition of "financial institution".
		Full compliance with the Act and the Rule are required by July 1, 2001.
	www.niada.com /Industry_Information/ind_gram.htm (845 words)

	FRBSF: Economic Letter - The Gramm-Leach-Bliley Act and Financial Integration (03/31/2000) (2000/el2000-10.html)
		The Gramm-Leach-Bliley Act (GLBA), signed into law last November, authorized the certification of financial holding companies, the structure that looks to be the main vehicle for linking commercial banks with securities firms, insurance firms, and merchant banking.
		To keep regulation responsive, the act also gives the Fed and the Treasury the authority to define new activities that are financial in nature, or incidental to financial activities.
		Before the act was passed, banks and other financial firms had to take a variety of side routes to integrate financially.
	www.frbsf.org /econrsrch/wklyltr/2000/el2000-10.html (1676 words)

	Gramm-Leach-Bliley Act - CCH INSURANCE SERVICES
		The Federal Reserve may not permit a company to form a financial holding company if any of its insured depository institution subsidiaries are not well capitalized and well managed, or did not receive at least a satisfactory rating in their most recent CRA exam.
		Amends the Investment Company Act to address potential conflicts of interest in the mutual fund business and amendments to the Investment Advisers Act to require banks that advise mutual funds to register as investment advisers.
		Repeals section 11(m) of the Federal Reserve Act, removing the stock collateral restriction on the amount of a loan made by a State bank member of the Federal Reserve System.
	insurance.cch.com /news/glb (2166 words)

	Gramm-Leach-Bliley Act information from Schwartz & Ballen
		The Gramm-Leach-Bliley Act requires a financial institution to provide customers each year with a copy of its privacy policies and, if applicable, the opportunity to instruct the institution not to share the consumer's nonpublic personal information with nonaffiliated third parties ("opt out").
		The Gramm-Leach-Bliley Act has placed Schwartz and Ballen in the leadership role of providing indispensable information and legal guidance to affected financial institutions.
		The Gramm-Leach-Bliley Act swept away the remaining restrictions that prevented the affiliation of banking, insurance and securities firms.
	www.schwartzandballen.com /grammleachbliley.html (536 words)

	GLBA Compliance for Financial Institutions establishing appropriate Security Standards
		The Gramm-Leach-Bliley Act mandates that all financial institutions establish appropriate security standards to protect customer data from internal and external threats and unauthorized access occurring through online systems and networks.
		Safeguarding the confidentiality and integrity of customer information is no longer just a best practice for financial institutions; it's now a legal requirement.
		This level of security is mandatory to ensure companies maintain data integrity and privacy standards for employees and customers that have provided personal information.
	www.ecora.com /ecora/products/glba.asp (160 words)

	Gramm-Leach-Bliley Act
		Section 109(e)(4) of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (12 U.S.C. 1835a(e)(4)) is amended by inserting `and any branch of a bank controlled by an out-of-State bank holding company (as defined in section 2(o)(7) of the Bank Holding Company Act of 1956)' before the period.
		Section 11(a)(4)(B) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(4)(B)) is amended by striking `to benefit any shareholder of' and inserting `to benefit any shareholder or affiliate (other than an insured depository institution that receives assistance in accordance with the provisions of this Act) of'.
		(4) conflicts with the intent of this Act generally to permit affiliations that are authorized or permitted by Federal law between depository institutions, or affiliates thereof, and persons engaged in the business of insurance.
	www.nabl.org /government/106/senate/S900.HTML (9070 words)

	Gramm-Leach-Bliley Policy Generator
		The DMA is pleased to provide marketers with information and assistance on how to comply with the notice and opt-out requirements of the Gramm-Leach-Bliley Act of 2000.
		The short answer is YES, if you are considered a "financial institution" under the Gramm-Leach-Bliley Act of 2000 (GLB).
		What the privacy notice requirements of the Gramm-Leach-Bliley Act are
	www.the-dma.org /privacy/glbppg.shtml (446 words)

	Gramm-Leach-Bliley Act
		Section 504 of the Gramm-Leach-Bliley Act, Public Law 106-102, Privacy of Consumer Financial Information, required the FTC to issue regulations to implement the notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties.
		Lawyers, as providers of certain personal services, are now required by the Gramm-Leach-Bliley Act to inform their clients of their policies regarding privacy of client information.
		Lawyers have been and continue to be bound by professional standards of confidentiality that are even more stringent than those required by such Act.
	www.professorbeyer.com /Estate_Planning_Course/Gramm.htm (759 words)

	ConsumerPrivacyGuide.org Protection Under Law Financial Modernization Act (Gramm-Leach-Bliley Act)
		The Gramm-Leach-Bliley Act regulates the sharing of personal information about individuals who obtain financial products or services from financial institutions.
		The Privacy Rights Clearinghouse provides information about how to read privacy notices exercise rights under the Gramm-Leach-Bliley Act.
		It attempts to inform individuals about the privacy policies and practices of financial institutions, so that consumers can use that information to make choices about financial institutions with whom they wish to do business.
	www.consumerprivacyguide.org /law/glb.shtml (93 words)

	the Gramm-Leach-Bliley Act
		Seven federal agencies issued regulations implementing the privacy provisions of the Act, but we are primarily concerned here with the rules put out by the Federal Trade Commission.
		To prepare for the effective date of the GLB Act you should, at a minimum, do the following:
		Neither the original law nor the regulations contain a private cause of action provision that would allow consumers to bring a suit for violations of the GLB Act's requirements.
	www.the-dma.org /government/grammleachblileyact.shtml (2371 words)

	Texas Department of Insurance - Privacy Rule Information Page
		The Department´s goal is to carry out the privacy mandates of the Texas Legislature and the Gramm Leach Bliley Act by implementing fair and effective regulatory and enforcement requirements that protect consumer privacy and facilitate cooperation and compliance on the part of entities subject to these requirements.
		Title V of a federal law, the Gramm Leach Bliley Act (GLBA), requires state insurance authorities to adopt standards relating to the disclosure of nonpublic personal financial information applicable to the insurance industry.
		In 1999, Congress enacted the Gramm-Leach-Bliley Act (GLBA), in part to require state insurance authorities to adopt requirements on privacy and disclosure of nonpublic personal financial information applicable to the insurance industry.
	www.tdi.state.tx.us /commish/privacy2.html (3135 words)

	Gramm-Leach-Bliley Act, Gramm-Leach-Bliley Act
		The Gramm-Leach-Bliley Act (GLBA) of 1999 changed the prior legal requirement preventing banks from offering financial security and insurance products.
		While these activities have abated somewhat in the past year or two, renewed activities are expected to resurface in the future as larger banks seek to expand and consolidate market share positions.
		The immediate effect of GLBA was to drive mergers and acquisitions as banks strove to acquire new products and larger markets for their products and services.
	www3.ca.com /technologies/subsolution.asp?id=4848 (358 words)

	Securanix Services - Gramm Leach Bliley Act Compliance and Testing
		The Gramm-Leach-Bliley Act (GLBA) of 1999 began a new era of deregulation in the financial services industry.
		Securanix Services - Gramm Leach Bliley Act Compliance and Testing
		Securanix™ offers assistance with Gramm Leach Bliley Act compliance for the financial industry.
	www.securanix.com /services/Gramm-Leach-Bliley-Act.php (204 words)

	Graham-Leach-Bliley Act Links
		Gramm-Leach-Bliley Act Frequently Asked Questions to assist financial institutions in complying with the privacy provisions of the GLB Act and the Commission's financial privacy regulation.
		North Dakota Petition Regarding Application of GLB Act and Its Implementing Rules in North Dakota (September 12, 2000) [PDF 556K]
		Connecticut Petition for GLB Act §507 Determination (April 19, 2001) [PDF 586K]
	www.keytlaw.com /Links/glbact.htm (264 words)

	Compunet, Inc - Gramm-Leach Bliley Act
		3/15/2006 2:09:36 AM July 1, 2001 was the date by which all financial institutions were to be in compliance with the provisions and requirements of the Gramm-Leach Bliley (GLB) Act, better known as the new Privacy Law.
		Call CompuNet today and let us help you safeguard your customer's information while complying with all aspects of the Gramm-Leach-Bliley Act.
		Extracted from GLB Act: "Each bank shall implement a comprehensive written information security program that includes administrative, technical, and physical safeguards appropriate to the size and complexity of the bank and the nature and scope of its activities.
	www.compunet1.com /audit/audit_security.asp (286 words)

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In the News (Mon 4 Jun 12)