Gramm-Leach-Blilely Act

News & Analysis as of

April Brings Amendments to Washington and North Dakota Breach Notification Requirements

April saw amendments to Washington State's and North Dakota's breach notification statutes. In a prior Orrick Alert, we discussed some of the implications from the proposed data breach notification amendments in...more

Shelby regulatory relief bill would create GLBA annual privacy notice exception

In addition to the numerous mortgage-related provisions in Senator Shelby’s regulatory reform bill entitled the “Financial Regulatory Improvement Act of 2015,” the bill contains a provision directed at the annual financial...more

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

Data Privacy and Security Considerations in M&A Transactions

By some estimates, cybercrime costs the global economy $445 billion annually. If cybercrime were a single country, this dollar amount would place it within the world’s top 30 countries in terms of gross domestic product, and...more

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

Privacy Bills Abound in Congress

Why it matters - From the President to Senators to Representatives, everyone in Washington, D.C. appears to be focused on privacy-related issues. Continuing his focus on cybersecurity, President Barack Obama signed an...more

Consumer Financial Protection Bureau Announces Final Policy On Publication Of Detailed Consumer Complaints

On March 19, the Consumer Financial Protection Bureau ("the Bureau") published a final policy statement ("the Statement") announcing its plans to disclose details of consumer complaints on its public consumer complaint...more

Consumer Privacy Bill of Rights

The White House released its much anticipated legislative proposal on the Consumer Privacy Bill of Rights Act (CPBRA) that was first floated in 2012. The CPBRA, if enacted (which seems unlikely before 2016), would provide...more

Why You Need a Privacy Policy – Part 2: Avoiding Three Common Fumbles

In Part 1, we covered some basic privacy policy concepts. Here in Part 2, we address three problems associated with privacy policies in practice. 1. You Don’t Have One, But You Really Should - There is no...more

Data Breach Legislative Debate Begins Today at the House Energy & Commerce Committee

On Tuesday, the House Energy & Commerce Subcommittee on Commerce, Manufacturing, and Trade held a hearing entitled "What are the Elements of Sound Data Breach Legislation?" This hearing was the first of the new Congress to...more

Description of the Small Business Investment Company Early State SBIC Program

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

President Obama Unveils Plans About Cybersecurity

Written by Sydney White President Obama made a series of announcements on cybersecurity, data security, and privacy that will be incorporated into his State of the Union address tonight.  In conjunction with the...more

CFPB Proposes Regulating Nonbank Auto Finance Companies

On September 16, the Consumer Financial Protection Bureau (CFPB) issued and requested comment on a proposed rule that would, for the first time, subject nonbank auto finance companies to federal regulation and oversight. The...more

National Association of Registered Agents and Brokers Reform Act of 2015 Signed Into Law

The National Association of Registered Agents and Brokers Reform Act of 2015 (NARAB Reform Act) amends the Gramm-Leach-Bliley Act and establishes the National Association of Registered Agents and Brokers (Association). ...more

Financial Institutions May Post Online Privacy Disclosures

The Consumer Financial Protection Bureau ("CFPB") recently amended Regulation P, which requires – in connection with the Gramm-Leach-Bliley Act – that financial institutions provide an annual disclosure of their privacy...more

Interconnectivity And Information Sharing: Cause As Well As Cure for Cyber Attacks?

The modern day interconnected business creates a number of opportunities, but also brings with it massive issues relating to breach of privacy and data security in the form of cyber attacks, which cost companies and taxpayers...more

Data Center Contracts: Privacy and Security Terms

A sometimes overlooked but potentially significant liability exposure for any company that uses the “cloud” to remotely store, process or distribute data is the service provider contract between the company user and its data...more

CFPB Issues Final Privacy Notice Rule

The CFPB has finalized its proposal allowing financial institutions to forgo mailing annual privacy notices by posting such notices online. Unfortunately, despite numerous pleas from the industry that the proposal would do...more

CFPB Finalizes Rules on Privacy Disclosures

On October 20, the CFPB adopted the rule, previously proposed in May, allowing financial institutions that limit sharing of consumer data to post annual privacy notices online instead of delivering such notices...more

Privacy & Cybersecurity Update - October 2014

In This Issue: - October: National Cyber Security Awareness Month - New California Data Protection Law - Obama Signs Cybersecurity Executive Order - FTC Cautions Executives About Personal Liability for False...more

Privacy in the Cloud: A Legal Framework for Moving Personal Data to the Cloud

For many companies, the main question about cloud computing is no longer whether to move their data to the “cloud,” but how they can accomplish this transition. Cloud (or Internet-based on-demand) computing involves a shift...more

Financial Institutions Authorized to Use Websites for Annual Privacy Notice

Banks and other financial institutions may be able to avoid costly manual mailings of annual privacy notices to customers and instead publish annual privacy notices on their websites under a new rule issued by the federal...more

New Option to Provide Annual Privacy Notices Online

CFPB Amends Regulation P to Permit Financial Institutions to Post Annual Privacy Notices Online in Lieu of Delivering Hard Copies to Customers - The Consumer Financial Protection Bureau (CFPB) has always touted itself...more

Privacy Policies Going Digital: The CFPB’s Final Rule Ditches Requirement to Distribute Annual Paper Copies

On October 20, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had finalized a rule that alters the way that financial institutions provide privacy policies to their customers. Under the...more

Some Gramm-Leach-Bliley Notices Can Now Be Posted Online

Some banks and other organizations covered under the Gramm-Leach-Bliley Act (GLBA) may now post their privacy policies online rather than having to mail them annually. Earlier this week, the Consumer Financial Protection...more

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