Question: What Types Of Controls Are Required To Safeguard Customer Information?

Who of the following is considered a customer under GLBA?

Under the GLBA, all customers are consumers, but not all consumers are customers.

A consumer is anyone who obtains from a bank any financial product or service that is to be used primarily for personal, family, or household purposes..

What is considered non public information?

A list is considered nonpublic personal information if it is generated based on customer relationships, loan balances, or other personally identifiable financial information that is not publicly available. A list is also considered nonpublic personal information if it contains any nonpublic personal information.

What is the goal of the FTC Safeguards Rule?

The objectives of the Safeguards Rule are to insure the security and confidentiality of customer information, protect against any anticipated threats or hazards to the security and integrity of customer information, and protect against unauthorized access to or use of customer information that could result in …

How do I comply with GLBA?

To be GLBA compliant, financial institutions must communicate to their customers how they share the customers’ sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers’ private data in accordance with …

What is Mars rule?

The Mortgage Assistance Relief Services (MARS) Rule makes it illegal to charge upfront fees and requires specific disclosures in ads and when you forward a lender’s offer to a homeowner. … Some companies claim they can help fight off foreclosure by negotiating new mortgage terms with lenders or servicers.

What does the GLB Act allow?

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.

Why are mortgage brokers regulated under the GLB Act?

The stated purpose of the G-L-B Act and the FTC’s Final Rule is to ensure that financial institutions respect the privacy of their customers and protect the security and confidentiality of “nonpublic personal information.” The definition of a financial institution has been broadly interpreted and will, in most cases, …

What rules are in place to protect consumers financial information?

Under the law, agencies enforce the Financial Privacy Rule, which governs how financial institutions can collect and disclose customers’ personal financial information; the Safeguards Rule, which requires all financial institutions to maintain safeguards to protect customer information; and another provision designed …

What does GLB stand for?

GLBAcronymDefinitionGLBGay Lesbian BisexualGLBGemeenschappelijk Landbouwbeleid (Dutch: Common Agricultural Policy/ European Commission, aka: CAP)GLBGlobal Load BalancerGLBGramm-Leach-Bliley Act of 199910 more rows

What is the safeguard rule?

The Safeguards Rule requires companies to develop a written information security plan that describes their program to protect customer information. Since companies vary in size and complexity the requirements are flexible. That flexibility can make compliance complex.

What information is protected by GLBA?

The personal information covered by the GLBA is termed “nonpublic personal information,” which means “personally identifiable financial information — provided by a consumer to a financial institution; resulting from any transaction with the consumer or any service performed for the consumer; or otherwise obtained by …

What is the FTC Red Flags Rule?

The Red Flags Rule requires organizations to implement a written identity theft prevention program to help them identify any of the relevant “red flags” that indicate identity theft in daily operations. The Rule also offers steps to help prevent the crime and to mitigate its damage.

What is the goal of the FTC?

THE FEDERAL TRADE COMMISSION’S (FTC) MISSION: To prevent business practices that are anticompetitive or deceptive or unfair to consumers; to enhance informed consumer choice and public understanding of the competitive process; and to accomplish this without unduly burdening legitimate business activity.

What is the FTC Disposal Rule?

The Rule, formally known as the Disposal of Consumer Report Information and Records Rule, requires certain persons who have consumer report information for a business purpose to properly dispose of it by taking reasonable measures to protect it from unauthorized access.

Is banking information confidential?

First, the law requires each financial institution to tell its customers about the kinds of information it collects and the types of businesses that may be provided that information. … Third, the law requires that financial institutions describe how they will protect the confidentiality and security of your information.

What are examples of nonpublic personal information?

For example, nonpublic personal information may include names, addresses, phone numbers, social security numbers, income, credit score, and information obtained through Internet collection devices (i.e., cookies).

Which are three key rules of the GLBA?

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 …

What is a GLBA risk assessment?

The Tyler Cybersecurity Gramm-Leach-Bliley Act (GLBA) compliance assessment evaluates to what extent your organization is compliant with federal GLBA regulations, a set of rules designed to ensure that you are handling and protecting your clients’ Non-public Personal Information (NPPI) properly.