Comply with the Gramm-Leach-Bliley Act (GLBA) and more!
The Gramm-Leach-Bliley Act (GLBA) is a federal law in the United States that requires financial institutions to protect the privacy and security of customer financial information. The GLBA applies to a wide range of financial institutions, including banks, credit unions, securities firms, and insurance companies.
The GLBA has many implications for financial industry records management. For example, financial institutions must:
- Develop and implement written information security programs to protect customer financial information from unauthorized access, use, disclosure, disruption, modification, or destruction.
- Train their employees on the GLBA’s requirements and the institution’s information security program.
- Dispose of customer financial information in a secure manner.
The GLBA is a crucial piece of legislation in the financial industry that requires financial institutions to develop privacy policies, implement security safeguards, and retain records related to privacy practices. It is enforced by the Federal Trade Commission (FTC), the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC). Compliance with GLBA is essential for financial institutions to protect consumer data and avoid legal repercussions.