GLBA Flashcards
1
Q
What is GLBA
A
Gramm-Leach Bliley Act (Financial modernization act of 1999)
2
Q
What regulation is GLBA?
A
Regulation P
3
Q
Who regulates the GLBA?
A
FTC
4
Q
Who enforces the GLBA?
A
CFPB
5
Q
What is the purpose of GLBA?
A
- Advise consumers of policies and use and exchange of personal information
- Offer consumers the opportunity to limit the use and exchange of that information
- Create a security program to protect information
6
Q
What are the obligations of GLBA?
A
- Provide an initial privacy notice when the customer relationship is established
- Provide an annual privacy notice for the duration of the consumer relationship
- Provide OPT OUT notice initially and annually
- Must provide “reasonable amount of time”
- Must provide a “reasonable opportunity” to opt out of disclosing NPI (non-public information) to non-affiliated 3rd party
- NOTICE cannot be Faxed
7
Q
What are the safeguard rules of GLBA?
A
- To protect the privacy of personal information with the creation of an effective program concerned with preserving the confidentiality of personal information.
- Program must be appropriate to the size and complexity of the organization
8
Q
What Act prohibits pretexting?
A
GLBA
9
Q
What is pretexting?
A
The use of false pretenses, including fraudulent statements and impersonation, to obtain consumer’s financial information
10
Q
What are the penalties for GLBA?
A
Financial Institutions $100,000
Individual $10,000 and/or 5 years in prison
