Gramm-Leach-Blilely Act

News & Analysis as of

Privacy & Cybersecurity Newsletter: April 2016

What seems like a long time ago now, in 2011 PricewaterhouseCoopers (PwC) warned that “there is no question that law firms are among the companies being targeted by cyber criminals.” Despite this, many law firms believed (or...more

New Proposed Rules on Banker Incentive Compensation Released

The National Credit Union Administration, or NCUA, became the first of six Agencies to unveil a revised rule proposal under Section 956 of the Dodd-Frank Act: prohibiting incentive-based payment arrangements that the...more

Tennessee Gives Businesses 45 Days for Data Breach Notice

Recent amendments to the State’s data breach statute give a hard deadline for a business to provide consumer notice, removes encryption safe harbor, exempts entities that are subject to the Health Insurance Portability and...more

Privacy Implications of CISA for Financial Institutions

Financial institutions are attractive targets for cyber attacks due to their collection of private customer and economic information. In order to help the private sector respond more effectively to cyber attacks, President...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Top 10 Financial Institution Considerations for 2016: #4 – Data Security and Privacy

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fourth consideration was data security and privacy. While the recent focus has been on cybersecurity, it is important to...more

Lesson in the history of the Gramm-Leach Bliley privacy protections: Victoria’s Secret started it all

Did you know that a Victoria’s Secret catalog is one of the top reasons that Congress included privacy protections in the Gramm-Leach Bliley Act (GLB Act)? The GLB Act protects consumers’ financial information and requires...more

CFPB Initiates Its First Data Security Enforcement Action

The Consumer Financial Protection Bureau (CFPB) has announced its first data security enforcement action. Since the 1990s, the Federal Trade Commission (FTC) has primarily taken on the role as the de facto federal regulator...more

Developments in Cybersecurity: Privacy Laws, Hacking Beyond Customer Data, and Communicating with Corporate Boards

I. Legal Exposure to Federal and State Privacy Laws - A. Federal Statutes and Enforcement - 1. Federal Trade Commission Act, 15 U.S.C. §§ 41-58 - The Federal Trade Commission (FTC) has emerged as the leading...more

Washington Proposes Amendments to Money Transmitters Rules

Recently, the Washington Department of Financial Institutions (DFI) announced that on March 29, 2016 it will hold a hearing regarding proposed amendments to the 2015 Uniform Money Services Act. New sections to the proposal...more

FDIC "Framework for Cybersecurity" Highlights How Financial Institution Information Security Programs Can Better Respond to...

In February, 2016, the Division of Risk Management Supervision of the Federal Deposit Insurance Corporation (“FDIC”) published “A Framework for Cybersecurity.” The article provides a good “sanity check” for financial...more

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

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