Gramm Leach Bliley Act

On March 21, 2020, the data security provisions of New York’s Stop Hacks and Improve Electronic Data Security Act went into effect. The SHIELD Act requires any person or business owning or licensing computerized data that includes the private information of a resident of New York to implement and maintain reasonable safeguards to protect the security, confidentiality and integrity of the private information.
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As reported on our Hunton Retail Law Resource blog, on January 7, 2020, the Federal Trade Commission announced a settlement with Mortgage Solutions FCS, Inc., and its sole principal, Ramon Walker, to resolve allegations that the lender violated the FTC Act, the Fair Credit Reporting Act and the Gramm-Leach-Bliley Act, by improperly disseminating consumers’ personal information on Yelp in response to consumers’ negative reviews posted to that site.
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On February 27, 2018, the FTC announced an agreement with PayPal, Inc., to settle charges that its Venmo peer-to-peer payment service misled consumers regarding privacy and the extent to which consumers’ financial accounts were secured. This signals a renewed focus by the FTC on violations of the Gramm-Leach-Bliley Act’s Privacy and Safeguards Rules.
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