Header graphic for print
HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: Gramm Leach Bliley

Posted in Consumer Privacy

California Consumer Privacy Act: The Challenge Ahead – The Interplay Between the CCPA and Financial Institutions

The California Consumer Privacy Act of 2018 (“CCPA”) exempts information that is collected, processed, sold, or disclosed pursuant to the federal Gramm-Leach-Bliley Act (“GLBA”), and its implementing regulations (the “Privacy Rule”), or the California Financial Information Privacy Act (“CFIPA”).  It does not exempt financial institutions altogether from its requirements where a financial information is processing information not subject to these regimes.  In such situations, a financial institution must comply with a wide array of CCPA obligations, including requirements to make certain disclosures to consumers and to provide certain rights to consumers, such as the right to stop “sales” of their personal information and the right to access data that a business has collected about them. Determining whether information a financial institution processes is covered by the exemption or not can be challenging and is something that financial institutions will need to analyze for their operations.

This blog post provides background on the scope of the exemption and an overview of key considerations for financial institutions developing CCPA compliance programs.

Posted in Cybersecurity & Data Breaches

FDIC Publication Emphasizes Framework for Cybersecurity

Earlier this month, the Federal Deposit Insurance Corporation’s Division of Risk Management Supervision released “A Framework for Cybersecurity” in its Winter 2015 issue of Supervisory Insights. The FDIC article outlines the current and evolving cyber threat landscape and identifies the challenges presented by these threats as “critical” to financial institutions. The article describes regulatory steps the FDIC has taken and also how banks should incorporate cybersecurity into their overall risk management framework. The article is helpful for understanding the FDIC’s cybersecurity focus and the issues upon which it expects banks subject to its supervision to focus.

Posted in Cybersecurity & Data Breaches

FTC Reaches Settlements Over P2P Data Breaches

The Federal Trade Commission yesterday announced settlements with two companies over security breaches caused by peer-to-peer (P2P) file sharing software. The settlements require the companies to establish and maintain comprehensive information security programs and to undergo data security audits by independent auditors every other year for 20 years.

Posted in Cybersecurity & Data Breaches

Cloud Computing for Regulated Industries: Security Requirements Differ

Data stored in the cloud will be subject to numerous data security laws, explains Hogan Lovells partner Phil Porter in a recent article. Specific types of data will trigger different security regulations, ranging from HIPAA rules for health data, to Gramm-Leach-Bliley Act rules for financial service data, to COPPA for data about children. Data hosted in the cloud in the U.S. might also subject the data to U.S. national security rules, including USA Patriot Act. Cloud service providers and customers need to tailor their contractual provisions to match these regulatory imperatives.

Posted in Financial Privacy

Agencies Issue Model GLBA Form That Provides Safe Harbor

Yesterday the financial regulatory agencies issued a model notification form for Gramm Leach Bliley Act consumer notices, Use of the new model form provides a “Safe Harbor” for covered entities required to provide consumer notices of data sharing practices. A link to the new form is contained within this blog entry.