Gramm-Leach-Blilely Act

News & Analysis as of

Changes to the Annual Privacy Notice Delivery Requirement

As a result of recent changes to federal privacy laws, financial institutions—such as registered investment advisers, exempt reporting advisers, commodity trading advisers, registered broker-dealers and private funds—may no...more

Congress Eliminates Annual Privacy Notice Requirement for Certain Financial Institutions

President Obama signed into law on December 4, 2015 a bill that amended Section 503 in Title V of the Gramm-Leach-Bliley Act (G-L-B Act), with the result that financial institutions – including investment companies and...more

Close Encounters of the eDiscovery Kind

Last week, two astronomers at CalTech predicted that a new planet is lurking at the edges of the solar system. They discovered the planet using computer simulations and mathematical calculations based on the planet’s...more

Annual privacy notice requirement eliminated for certain financial institutions

In December, President Barack Obama signed into law the Fixing America’s Surface Transportation Act. Buried on page 476 of this 490-page bill is an amendment to the consumer privacy provisions of the Gramm-Leach-Bliley Act...more

FAST Act Drives Long-Awaited Gramm-Leach-Bliley Amendment

In late 2015, Congress passed the Fixing America’s Surface Transportation Act - a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy...more

FAST Act loosens financial institutions’ privacy policy notice requirements

In addition to providing long-term funding for highway infrastructure improvements and other transportation projects, the newly enacted Fixing America’s Surface Transportation Act (FAST Act) seeks to reduce consumer confusion...more

Amendment to the Annual Privacy Notice Delivery Obligations of Financial Institutions under the Gramm-Leach-Bliley Act contained...

On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (the ‘‘FAST Act’’) into law. Although the FAST Act’s main focus is on improving the country’s surface transportation infrastructure,...more

Amendment to the Annual Privacy Notice Delivery Obligations of Financial Institutions under the Gramm-Leach-Bliley Act contained...

On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (the ‘‘FAST Act’’) into law. Although the FAST Act’s main focus is on improving the country’s surface transportation infrastructure,...more

Cybersecurity Legislation Stalks Bank Directors

To avoid potential personal liability for cybersecurity breaches, bank directors should take proactive steps to make sure their institution complies with all applicable regulations. In the wake of recent well-publicized...more

Cybersecurity Preparedness & Response Alert: Effective Cybersecurity: The Evolving Regulatory Landscape for Investment Advisers,...

Cybersecurity has become a top concern for executives and boards across all sectors of commerce and critical infrastructure that rely on digital technologies—including financial services—and investment advisers, investment...more

FAST Act to Provide Regulatory Relief to Community Banks

On December 4, President Obama signed into law H.R. 22, the “Fixing America’s Surface Transportation Act” (FAST Act). Although a transportation bill on its surface, the bill also contains various provisions that are intended...more

Federal Highway Bill Eliminates Annual Privacy Notice Requirement for Financial Institutions

On December 4, President Obama signed the “Fixing America’s Surface Transportation Act’’ or the ‘‘FAST Act.” In addition to providing for highway and transportation spending, section 750001 of the FAST Act amended Section 503...more

New Law Eliminates the Requirement for Financial Institutions to Mail Annual Privacy Notice if Certain Conditions are Met

A new law signed by President Obama on December 4, 2015 eliminates the need for financial institutions to send consumers an annual privacy notice if certain conditions are met....more

GLBA Annual Privacy Notice Eliminated under Certain Circumstances: Buried in a Highway Bill!

On December 4, 2015, President Obama signed the Highway Bill, dubbed Fixing America’s Surface Transportation Act (“FAST Act”), into law. Buried in the 490 page transportation law is a significant amendment to the...more

Treasury Department Issues Cybersecurity Checklist for Financial Institutions: What Might Apply to Your Financial Services...

On November 17, 2015, Deputy Treasury Secretary Sarah Bloom Raskin devoted her remarks at the Clearing House Annual Conference to financial sector cybersecurity. She concluded with a list of recommendations for handling...more

Gramm-Leach-Bliley Act Amendment Eliminates Annual Privacy Notice Requirement for Many Advisers and Funds

On December 4, 2015, President Obama signed into law the nearly 500-page Fixing America’s Surface Transportation Act, which included an amendment of the consumer privacy provisions within the Gramm-Leach-Bliley Act (the...more

President signs bill creating exception to GLBA annual privacy notice requirement

An amendment creating an exception to the annual privacy notice delivery requirement for financial institutions has been signed into law by President Obama as part of the “Fixing America’s Surface Transportation Act” (FAST...more

President Signs Bill Creating Exception to GLBA Annual Notice Requirement

An amendment creating an exception to the annual privacy notice delivery requirement for financial institutions has been signed into law by President Obama as part of the “Fixing America’s Surface Transportation Act” (FAST...more

Privacy Tip #11

Whenever you open a new bank account, credit card or debit card account or other account such as a health savings account, the bank or credit card company is required to send you a notice of your privacy practices under the...more

Alert: New Department of Defense Regulations Mandate the Reporting of Cyber Incidents

The Department of Defense (DoD) has published regulations that require DoD contractors to report cyber incidents impacting unclassified DoD contractor systems. The new regulations mandate compliance with elements of the...more

European Court of Justice Invalidates U.S.-EU Safe Harbor

On October 6, 2015, the European Court of Justice (“ECJ”), the top court of the European Union (“EU”), released its opinion in Maximillian Schrems v. Data Protection Commissioner (C-362/14), invalidating the U.S.-EU Safe...more

SEC brings first cybersecurity-related enforcement action

The Securities and Exchange Commission (“SEC”) recently settled its first cybersecurity-related enforcement action against a Missouri based registered investment adviser, R.T. Jones Capital Equities Management, Inc. (the ...more

A Treasure Trove: Publication of Complaint Data by the CFPB

The CFPB complaint database was created with altruistic intentions. They envisioned a tool that consumers could use to search a downloadable database for research on a product or specific lender, just as they would research...more

What's So Great About an Information Security Policy?

Lawyers and compliance professionals constantly tout the importance of internal information security policies, particularly in light of data privacy problems that are reported almost daily in the media. Admittedly, drafting...more

How to Avoid and Respond to a Cybersecurity Breach

In light of numerous recent data breaches, cybersecurity has emerged as an issue impacting organizations ranging from the local hardware store to the largest multi-national firms in the world. In short, no industry is immune...more

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