GLBA Act (Gramm-Leach-Bliley Act)

Question 1

What does the GLBA stand for and what is its purpose?

Answer 1

Gramm-Leach-Bliley Act; and its purpose is to protect people’s personal information.

Question 2

The GLBA has three different policies known as the SPF, what are they?

Answer 2

1. ) Safeguarding.
2. ) Pretexting.
3. ) Financial Privacy.

Question 3

What is another name for the GLBA?

Answer 3

Financial Services Modernization Act.

Question 4

(GLBA) What is the Safeguarding Rule?

Answer 4

It requires that any financial institution must have a written policy on how they are going to keep our personal info and credit card info safe. (“Requires financial institutions to design & maintain safeguards to protect consumer data.”)

Question 5

(GLBA) What is the Pretexting Provision?

Answer 5

Requires financial institutions to have a written policy to protect consumers from pretending like they are you, and getting into your accounts. (“Protects consumers from individuals and companies that obtain their personal info under false, fictitious, or fraudulent pretenses.”)

Question 6

(GLBA) What is the Financial Privacy Rule?

Answer 6

It governs the collection of nonpublic personal information and how its shared. Consumers have the right to opt in.opt out of having their personal info shared.

Question 7

The GLBA helps distinguish the difference between a “consumer” and a “customer,” what is the difference?

Answer 7

1. ) A consumer is someone who obtains a specific product or service for personal use.
2. ) A customer has an ongoing significant relationship.