GLB Act (SAFE EXAM)

What does GLB stand for?

Gramm-Leach-Bliley Act

What is another name for the GLB Act?

Financial Services Modernization Act

What does the GLB act have

Safeguarding Rule

Pretexting Provisions

Financial Privacy Rule

What does the GLB act do?

Protects an individual’s personal financial information

What does the Safeguarding Rule do?

Requires financial institutions to design, implement, and maintain written security plan to protect, safeguard and control consumer information

Written Safeguard Policy must…

Ensure security and confidentiality

Protect against anticipated threats or hazards

Protect against unauthorized access that could harm or inconvenience consumers

Pretexting

Protects consumers from individuals and companies that obtain their personal financial information under false, fictitious, or fraudulent pretenses

Pretexting is the reason we must…

Put in security questions (like favorite color)

Pretexting is used to…

prevent others from ‘pretending’ to be you and gaining access to your info

Financial Privacy Rule

Requires financial institutions to give their customers privacy policies that explain the financial institution’s information collection and sharing policies.

What does Financial Privacy Rule govern?

governs collection of nonpublic personal info, such as, what a consumer puts on application (bank account numbers, balances, etc.)

What does the Financial Privacy Rule restrict?

Restricts when information may be disclosed to affiliates and nonaffiliated third parties

What does the Financial Privacy Rule require?

Requires Consumer Privacy Notice

What does Financial Privacy Rule provide?

Provides opt out opportunity

The financial privacy rule differentiates consumer and customer, where…

A consumer is someone who obtains a specific product or service, and A customer has an on-going significant relationship

Policies must be provided to the ——- annually, and when the institution’s privacy practice changes

customer

How much does Alina love you?

A. not at all

B. Too much

C. more than you can imagine

D. hates your guts

C. more than you can imagine