Gramm-Leach-Bliley Act (GLBA)
What is the Gramm-Leach-Bliley Act (GLBA)
GLBA is the Gramm-Leach-Bliley Act and is and act that specifically designed for financial institutions in the State of California but GLBA also applies to any business or company that handles customer information. The purpose of this act is to protect the financial information of customers, and penalize any business or bank that fails to do so.
Who is subject to GLBA Compliance?
All financial institutions and businesses are required design, implement and maintain safeguards to protect customer information from the hands of identity thieves. The GLB Act mandates that organizations provide consumers with privacy notices that outline the institutions’ information-sharing processes. Likewise, consumers have the right to withhold some – but not all – information for sharing.
What are my Rights Under GLBA?
Consumers and customers are able to say no to, or opt out of having their sensitive information shared with some third party sources. The privacy notice needs to outline that this can be done, with reasonable solutions for doing so. For instance, offering a toll-free telephone number or a detachable form with a pre-printed address is a sensible method for consumers or customers to opt out. Requiring a signed letter by an individual as a means of opting out on the other hand, is not a reasonable solution. The privacy notice needs to also explain that consumers have the ability to say no to the sharing of certain details, such as credit report or application information with the financial institution’s partners.
Who does GLBA Protect?
The GLBA secures any consumer’s financial information, specifically in association with online banking, e-commerce and the transfer of electronic records. The information security requirements of GLBA outlines that all regulatory agencies and authorities are to design administrative, technical and physical precautionary measures in an effort to create adequate security, keep information protected against threats, and protect against unauthorized access of private information.
Why is GLBA Important?
The success of any financial institution centers around a customers’ readiness to place their personal finances in that institution’s trusted hands. For many years, bank vaults, safety deposit boxes, security systems, and guards offered clear visible signs of safety and protection to a financial institution’s clients. Today though, these assets are more difficult to see. Banking and financing primarily operates electronically, which means clients’ financial and other private information is being hosted and shared on servers and work stations across the globe. Guaranteeing the security of this confidential information was the motivation behind the Gramm-Leach-Bliley Act (GLBA), which became a law on November 12, 1999.
The Gramm–Leach–Bliley Act of 1999 was the Congressional act that abolished sections of the Glass-Steagall Act of 1933. Today, the Glass-Steagall Act is recognized for maintaining a separation between commercial banking and investment banking.
Where can I find more information about GLBA?
To learn more, visit this link: https://www.ftc.gov/tips-advice/business-center/privacy-and-security/gramm-leach-bliley-act
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Neda A.10/08/2021Very quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I... read moreVery quick and easy process. I got a quote from Michael. He was responsive and patient . I remembered in the last minute that I put a hard drive with the papers for shredding and he had to fish for it in the shredding bin. He also shredding everything in front of me, which I really appreciated. read less
Neda A.10/08/2021From my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner.... read moreFrom my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner. Angel was thorough with service and pricing structure details. She had me set up to receive service within days. Drivers are professional, friendly, neatly dressed, and most importantly to me --they showed up when promised! Response to questions or changes to service were answered by Angel - the owner! If you are in the Bay Area looking for a certified, local shredding service, call ProShred! read less
B P.10/07/2021From my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner.... read moreFrom my first conversation with Angel, I knew this was a professional, customer oriented company. When you call you speak directly with the owner. Angel was thorough with service and pricing structure details. She had me set up to receive service within days. Drivers are professional, friendly, neatly dressed, and most importantly to me --they showed up when promised! Response to questions or changes to service were answered by Angel - the owner! If you are in the Bay Area looking for a certified, local shredding service, call ProShred! read less
B P.10/07/2021I had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my... read moreI had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my inquiries. We delayed the process for more than a year due to COVID but ultimately PROSHRED came through.
Angel drove a van up to my office, helped load all the documents and even went beyond her responsibilities to assist me in getting rid of paper in 3 ring binders. It took less than 30 min and a job that had taken a year to prepare for was done!
Thanks Angel and PROSHREAD. read lessSilence B.9/15/2021I had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my... read moreI had a 40-50 boxes of very old records including Xrays that needed to be disposed of. Angel was quick to respond to all my inquiries. We delayed the process for more than a year due to COVID but ultimately PROSHRED came through.
Angel drove a van up to my office, helped load all the documents and even went beyond her responsibilities to assist me in getting rid of paper in 3 ring binders. It took less than 30 min and a job that had taken a year to prepare for was done!
Thanks Angel and PROSHREAD. read lessSilence B.9/15/2021
