Gramm-Leach-Bliley Act (GLBA) FY23 Assessment:
Questions and Answers
GLBA - ANSWERGramm-Leach-Bliley Act
Primary Focus of the GLBA - ANSWERThe GLBA's purpose was to remove legal
barriers preventing financial institutions from providing banking, investment
and insurance services together.
How did GLBA change the financial industry landscape? - ANSWERLed to
consolidation of different types of financial institutions into single holding
companies.
Purposes of the GLBA - ANSWERRespect Privacy of customers, protect
security and confidentiality of information about those customers.
How are GLBA rules implemented? - ANSWERDifferent federal agencies write
rules and implement for different sectors.
What is the CFPB? - ANSWERConsumer Financial Protection Burea
What is the FTC? - ANSWERFederal Trade Commission
Which Federal Regulator is responsible for the privacy regulation? -
ANSWERCFPB - Consumer Financial Protection Bureau- Privacy
, Non-traditional financial institutions? - ANSWERConsumer Reporting
Agencies & Debt Collectors
Which Federal regulator is responsible for information security regulation? -
ANSWERFTC - Federal Trade Commission - Info Security
What is a Financial Institution according to the GLBA? - ANSWERAny company
that is in the business of engaging in certain financial activities identified
under federal law including:
Extending Credit
Taking Deposits
Providing Insurance
Most Common Financial Institutions - ANSWERBanks, Credit Unions,
Securities Brokers and Insurance Companies
GLBA applies to these "significantly-engaged' non-bank institutions: -
ANSWERConsumer Reporting Agencies, Resellers, Debt Collectors, Mortgage
Brokers and others that provide financial services. Only if significantly
engaged.
NPI - ANSWERNon-public Personal Information
What types of info are NPI? - ANSWER1. Any info that a consumer provides to
a financial institution to obtain a financial product or service;
Questions and Answers
GLBA - ANSWERGramm-Leach-Bliley Act
Primary Focus of the GLBA - ANSWERThe GLBA's purpose was to remove legal
barriers preventing financial institutions from providing banking, investment
and insurance services together.
How did GLBA change the financial industry landscape? - ANSWERLed to
consolidation of different types of financial institutions into single holding
companies.
Purposes of the GLBA - ANSWERRespect Privacy of customers, protect
security and confidentiality of information about those customers.
How are GLBA rules implemented? - ANSWERDifferent federal agencies write
rules and implement for different sectors.
What is the CFPB? - ANSWERConsumer Financial Protection Burea
What is the FTC? - ANSWERFederal Trade Commission
Which Federal Regulator is responsible for the privacy regulation? -
ANSWERCFPB - Consumer Financial Protection Bureau- Privacy
, Non-traditional financial institutions? - ANSWERConsumer Reporting
Agencies & Debt Collectors
Which Federal regulator is responsible for information security regulation? -
ANSWERFTC - Federal Trade Commission - Info Security
What is a Financial Institution according to the GLBA? - ANSWERAny company
that is in the business of engaging in certain financial activities identified
under federal law including:
Extending Credit
Taking Deposits
Providing Insurance
Most Common Financial Institutions - ANSWERBanks, Credit Unions,
Securities Brokers and Insurance Companies
GLBA applies to these "significantly-engaged' non-bank institutions: -
ANSWERConsumer Reporting Agencies, Resellers, Debt Collectors, Mortgage
Brokers and others that provide financial services. Only if significantly
engaged.
NPI - ANSWERNon-public Personal Information
What types of info are NPI? - ANSWER1. Any info that a consumer provides to
a financial institution to obtain a financial product or service;
