The GLBA Flashcards
What does GLBA stand for:
Gramm Leach Bliley Act of 1999 and Regulation P
In order to protect privacy of consumer information, the GLBA requires who to give consumers privacy notices that explain their information sharing practices?
Financial Institutions
Enforcement authority over the GLBA is given to who since the Dodd-Frank Act in 2011?
The CFPB
What is the GLBA’s “Safeguard Rule”?
It requires all financial institutions to design, implement and maintain safeguards, including policies and procedures to ensure the security and confidentiality of customer information
Other than financial Institutions, the “Safeguard Rule” applies to who?
- payday lenders,
- check-cashing businesses
- professional tax preparers
- auto dealers engaged in financing or leasing,
- electronic funds transfer networks,
- mortgage brokers,
- credit counselors,
- real estate settlement companies, and
- retailers that issue credit cards to consumers.
The Financial Privacy Rule of GLBA governs the collection and disclosure of customers’ personal financial information by financial institutions. What must they keep doing as long as someone is a customer?
They must provide a privacy notice automatically every year for as long as the relationship lasts.
What does NPI stand for?
Nonpublic Personal Information
