Tag Archives: Gramm Leach Bliley Act

Representative Mary Bono Mack Releases Discussion Draft of the SAFE Data Act

Posted on June 17, 2011 by Hunton & Williams LLP

On June 13, 2011, Representative Mary Bono Mack (R-CA) released a discussion draft of the Secure and Fortify Data Act (the “SAFE Data Act”), which is designed to “protect consumers by requiring reasonable security policies and procedures to protect data containing personal information, and to provide for nationwide notice in the event of a security breach.” Representative Bono Mack is Chairman of the House Subcommittee on Commerce, Manufacturing and Trade. In a press release, Representative Bono Mack remarked that “E-commerce is a vital and growing part of our economy. We should take steps to embrace and protect it – and that starts with robust cyber security.” She added that “consumers have a right to know when their personal information has been compromised, and companies and other organizations have an overriding responsibility to promptly alert them.”

Tags: Consumer Protection, Credit Monitoring, Credit Report, Cybersecurity, Federal Trade Commission, Gramm Leach Bliley Act, HIPAA, Legislation, Payment Card, Privacy Policy, Social Security Number, State Attorneys General

Speier Introduces Privacy Legislation Package

Posted on February 11, 2011 by Hunton & Williams LLP

On February 11, 2011, Representative Jackie Speier (D-Calif.) introduced two pieces of legislation that, in her words, “send a clear message—privacy over profit.” The Do Not Track Me Online Act of 2011 (HR 654), would direct the Federal Trade Commission to promulgate regulations that establish standards for a “Do Not Track” mechanism. The regulations also would require covered entities to disclose their information practices to consumers, and to respect consumers’ choices regarding the collection and use of their information. The bill includes a provision that would allow the FTC to exempt from its regulations certain “commonly accepted commercial practices” such as using consumer information to provide and improve products and services, to comply with law, or to carry out basic business functions like accounting, quality assurance or internal auditing.

Tags: California, Do Not Track, Federal Trade Commission, Gramm Leach Bliley Act, Jackie Speier, Legislation

Senator Kerry’s Senior Advisor Provides Key Insight into Forthcoming Privacy Bill

Posted on December 10, 2010 by Hunton & Williams LLP

On December 10, 2010, Senior Advisor to U.S. Senator John Kerry (D-Mass.), Daniel Sepulveda, briefed the Centre for Information Policy Leadership at Hunton & Williams LLP (the “Centre”) members on Senator Kerry’s forthcoming privacy legislation. The bill, which will be introduced next Congress, aims to establish a regulatory framework for the comprehensive protection of individuals’ personal data that authorizes rulemakings by the Federal Trade Commission. Continue reading…

Tags: Accountability, Consumer Protection, Fair Information Practice Principles, Federal Trade Commission, Gramm Leach Bliley Act, John Kerry, Legislation, Personally Identifiable Information, Safe Harbor

CTFC Proposes New Rules for Consumer Privacy Protection

Posted on October 29, 2010 by Hunton & Williams LLP

On October 27, 2010, the U.S. Commodity Futures Trading Commission (the “CFTC”) issued two notices of proposed rulemaking (“NPRMs”), citing Gramm-Leach-Bliley Act (“GLBA”) privacy rules, and marketing and data disposal rules of the Fair Credit Report Act (“FCRA”).

The proposed rules come in the wake of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which places two new categories of covered entities (i.e., “swap dealers” and “major swap participants”) under the CFTC’s jurisdiction. Under the proposals, those entities would be subject to certain GLBA privacy rules that regulate the treatment of consumers’ nonpublic personal information, and sections of the FCRA that address affiliate marketing and data disposal.

Tags: Consumer Protection, Dodd-Frank Act, Gramm Leach Bliley Act

Privacy and Data Security Risks in Cloud Computing

Posted on February 5, 2010 by Hunton & Williams LLP

Cloud computing raises complex legal issues related to privacy and information security. As legislators and regulators around the world grapple with the privacy and data security implications of cloud computing, companies seeking to implement cloud-based solutions should closely monitor this rapidly evolving legal landscape for developments. In an article published on February 3, 2010, Lisa Sotto, Bridget Treacy and Melinda McLellan explore U.S. and EU legal requirements applicable to data stored by cloud providers, and highlight some of the risks associated with the use of cloud computing.

Tags: Bridget Treacy, Cloud Computing, Data Transfer, Gramm Leach Bliley Act, HIPAA, HITECH Act, Lisa Sotto, Melinda McLellan

Agencies Issue Final Gramm-Leach-Bliley Act Model Privacy Notice

Posted on November 17, 2009 by Hunton & Williams LLP

Today, eight federal financial regulatory agencies issued a final Gramm-Leach-Bliley Act ("GLBA") model privacy notice. The final model notice incorporates financial institutions’ required disclosures pursuant to Section 503 of the GLBA. The GLBA requires, in relevant part, that financial institutions provide consumers with information regarding their collection and sharing of nonpublic personal information. Financial institutions that adopt the final model notice will be deemed in compliance with the GLBA notice requirements. The final model notice is the result of the agencies’ consumer research and testing. It is touted as succinct, easy to use and consumer friendly. The final model notice will take effect 30 days after publication in the Federal Register. Publication is anticipated shortly.

Tags: Commodity Futures Trading Commission, Consumer Protection, Department of the Treasury, Federal Trade Commission, Gramm Leach Bliley Act

Agencies Expected to Publish Final Gramm-Leach-Bliley Act Model Privacy Notice

Posted on October 21, 2009 by Hunton & Williams LLP

The federal financial services agencies are expected to shortly announce a proposed-final Gramm-Leach-Bliley Act (“GLBA”) model form privacy notice. The model notice incorporates financial institutions’ required disclosures pursuant to Section 503 of the GLBA. Financial institutions that use the form to provide notice to consumers will be deemed in compliance with the privacy notice provisions of the GLBA. Once adopted and published in the Federal Register, the financial services agencies’ final model notice will take effect in 30 days.

The GLBA requires, in relevant part, that financial institutions provide consumers with notice of their privacy policies and practices. The privacy notice must describe a financial institution’s disclosure of nonpublic personal information to affiliated and nonaffiliated third parties. In addition, the notice must also give consumers a reasonable opportunity to opt out of certain sharing with nonaffiliated third parties.

Tags: Commodity Futures Trading Commission, Consumer Protection, Department of the Treasury, Federal Trade Commission, Gramm Leach Bliley Act

Obama Proposes New Agency to Regulate Consumer Financial Privacy

Posted on July 2, 2009 by Hunton & Williams LLP

On June 30, 2009, the Obama Administration sent legislation to Congress that would create a new Consumer Financial Protection Agency ("CFPA"). Working with state regulators, the new agency would assume authority for the privacy provisions of the Gramm-Leach-Bliley Act, and would have the power to write rules and impose penalties pursuant to a variety of existing statutes, including the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act. To date, these powers have been shared among all financial services regulators, including the Federal Trade Commission ("FTC"). Under the proposal, the FTC would retain primary responsibility for preventing fraud and encouraging security in the financial markets.

While some regulatory authority for financial products and services protections would flow from the FTC to the CFPA, the FTC would have increased powers to issue rules related to unfair and deceptive practices, and an enhanced ability to issue civil monetary penalties. The proposal also includes expanded FTC authority over the banking sector with respect to data security. While the legislation proposes transferring staff from certain financial services regulators, there would be no transfer of staff from the FTC. Accordingly, the FTC may have more resources to pursue other consumer protection issues, including privacy in non-financial markets.

The Administration’s full report on its financial reform plan can be viewed here.

Tags: Congress, Consumer Protection, FACTA, Federal Trade Commission, Gramm Leach Bliley Act, Obama

Privacy and Information Security Law Blog - Global privacy and information security law updates and analysis

Tag Archives: Gramm Leach Bliley Act

Speier Introduces Privacy Legislation Package

Senator Kerry’s Senior Advisor Provides Key Insight into Forthcoming Privacy Bill

CTFC Proposes New Rules for Consumer Privacy Protection

Agencies Issue Final Gramm-Leach-Bliley Act Model Privacy Notice

Agencies Expected to Publish Final Gramm-Leach-Bliley Act Model Privacy Notice

Obama Proposes New Agency to Regulate Consumer Financial Privacy

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