The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to “financial institutions,” which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. Among these services are lending, brokering or servicing any type of consumer loan, transferring or safeguarding money, preparing individual tax returns, providing financial advice or credit counseling, providing residential real estate settlement services, collecting consumer debts and an array of other activities. Such non-traditional “financial institutions” are regulated by the FTC. For more information on the types of financial activities covered, click here.

The Financial Privacy Rule governs the collection and disclosure of customers’ personal financial information by financial institutions. It also applies to companies, whether or not they are financial institutions, who receive such information. For a summary overview of the Financial Privacy Rule, see In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act.

The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions “such as credit reporting agencies” that receive customer information from other financial institutions.

The Pretexting provisions of the GLB Act protect consumers from individuals and companies that obtain their personal financial information under false pretenses, a practice known as “pretexting.”

The following regulatory agencies are charged with administering GLBA for their regulated firms:

For more information on how we can help to protect your data, please contact us today at 561-705-2905

When dealing with private information such as social security numbers, medical information, or credit card information, it is always good practice to establish a buisness policy on how to deal with this data. (It scares me when I think  about how many people I see take this for granted in business.)

Although best practice and security will always be an inconvenience, there are many tools out there to keep you and your business in compliance.

Securing your email with an encryption software helps to save your companies reputation in the event that the email is sent to the incorrect person, thrid party vendor working on either the recipents computer or the senders computer or if the email should be intercepted by hackers.

Take the steps to prevent this from happening to you as well as helping you to pass your compliance audits.

Call us today to see how we can help. ( You will be surprised how little the cost can be for maintaining good PR and doing the right thing for your clients and your practice )

JND Consulting Group LLC.
561-705-2905