From the course: Data Steward Foundations

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Gramm-Leach-Bliley Act (GLBA)

Gramm-Leach-Bliley Act (GLBA)

From the course: Data Steward Foundations

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Gramm-Leach-Bliley Act (GLBA)

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- [Illustrator] At the turn of the century, the Federal Government embarked upon a major change in the regulation of financial institutions in the United States. The Gramm-Leach-Bliley Act or GLBA, introduced many new requirements on financial institutions and their operations. Two have these requirements of particular interest from a privacy perspective. The GLBA Financial Privacy Rule limits how financial institutions may handle the non-public personal information of its consumers. And the GLBA Safeguards Rule requires that financial institutions develop a written information security plan to protect consumer data. Before we dive into some of the specific requirements of those rules, it's important that we clarify the scope of GLBA. The law applies to financial institutions, but the term financial institution is defined more broadly than you might think. The Federal Trade Commission states that GLBA applies to all businesses, regardless of their size, that are significantly engaged…

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