The Gramm-Leach-Bliley Act (GLBA), also called the 1999 Financial Modernization Act is a US Federal Law that requires every financial organization to show how they share and protect their customers’ private data. Every financial institution must be GLBA complaint. To show compliance, the institution is required to communicate to their customers how and with whom they share the customers’ personal and financial information. They should also provide the customer with practical information on how the customer can opt out if he or she does not want his or her information shared with other third party companies. The institution is further required to apply security measures to safeguard the customer’s data.
Data protection policies of the GLBA are outlined in the Safeguards Rule, which is supplemented by additional requirements issued by the Privacy of Consumer Financial Information Rule or simply the Privacy Rule from the FTC. GLBA compliance is regulated and enforced by the FTC. An organization that fails to comply with LBA requirements can be liable for penalties which include fines of up to $100,000 for a single incidence and up to $10,000 per person for directors and officers.
At Venkon, we provide you with a cost-effective means of meeting GLBA compliance requirements.
Benefits of Gramm-Leach-Bliley Act
Answers to your questions
What is GLBA?
What are the penalties for non-compliance to GLBA requirements?
How can Venkon help to achieve GLBA compliance?