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Gramm-Leach-Bliley Act is a Congressional Act that prohibits an institution that provides financial products or services from sharing a customer's "nonpublic personal information" with non-affiliated third parties unless the institution first discloses its privacy policy to consumers and allows them to 'opt out' of that disclosure.
How We Can Help
Ergo Works® offers a low-cost, easy to implement solution to the unintentional release of computerized records information.
You may have your paper files under lock and key and use security software, but have you given any thought to protecting information displayed on a computer screen throughout the workday? Ergo Works® offers a solution to help prevent inadvertent disclosure of information, a low-cost sigh of relief for non-public personal information privacy - especially in high traffic areas.
Ergo Works® line of Privacy Filters significantly reduce the chance that customer information displayed on a computer monitor can be read by the casual observer. On-screen data is visible only to persons in front of the monitor; people looking from a side angle see a blurred or dark, blank screen.
Ergo Works® is working to help keep nonpublic personal information private and secure. Ergo Works® is taking an active role in helping financial institutions to comply with the Gramm-Leach-Bliley Act.
Click here to view our selection of Privacy Filters.
* The following is an excerpt from the Gramm-Leach-Bliley Act:
(for a complete summary of provisions go to: http://www.senate.gov/~banking/conf/)
TITLE V -- PRIVACY
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Gramm-Leach-Bliley Act
The U.S Congress enacts legislations that prohibits a financial institution from sharing "nonpublic personal information".Gramm-Leach-Bliley Act is a Congressional Act that prohibits an institution that provides financial products or services from sharing a customer's "nonpublic personal information" with non-affiliated third parties unless the institution first discloses its privacy policy to consumers and allows them to 'opt out' of that disclosure.
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Why did Congress enact the Gramm-Leach-Bliley Act?
In short, Gramm-Leach (as it is called) was made into law in order to restrict the ability to sell, give or otherwise disclose personal information to third parties without permission.
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What does this mean?
A less intrusive world. Gramm-Leach will result in a reduction of telemarketing calls, of Internet spam and of identity thefts, while providing greater security of financial information.
Gramm-Leach was signed into law on November 12, 1999, establishing minimum privacy standards. Full compliance for federally regulated entities is required by July 1, 2002. Compliance for insurance companies and agencies was November 13, 2000.
What this means is that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers' nonpublic personal information.
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Whom does Gramm-Leach affect?
It applies to "Any institution the business of which is engaging in activities that are financial in nature, or incidental to such financial activities." This includes national banks, federally chartered thrifts, FDIC depositories, insurance companies and agencies, securities firms and other firms that offer financial products services.
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How are financial institutions affected?
Under Title V - Privacy, covered financial institutions must establish appropriate standards relating to administrative, technical and physical safeguards to insure security and confidentiality of customer records and information and to protect against unauthorized access to or use of such records information which could result in substantial harms or inconvenience to any customer.
How We Can Help
Ergo Works® offers a low-cost, easy to implement solution to the unintentional release of computerized records information.
You may have your paper files under lock and key and use security software, but have you given any thought to protecting information displayed on a computer screen throughout the workday? Ergo Works® offers a solution to help prevent inadvertent disclosure of information, a low-cost sigh of relief for non-public personal information privacy - especially in high traffic areas.
Ergo Works® line of Privacy Filters significantly reduce the chance that customer information displayed on a computer monitor can be read by the casual observer. On-screen data is visible only to persons in front of the monitor; people looking from a side angle see a blurred or dark, blank screen.
Ergo Works® is working to help keep nonpublic personal information private and secure. Ergo Works® is taking an active role in helping financial institutions to comply with the Gramm-Leach-Bliley Act.
Click here to view our selection of Privacy Filters.
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* The following is an excerpt from the Gramm-Leach-Bliley Act:
(for a complete summary of provisions go to: http://www.senate.gov/~banking/conf/)
TITLE V -- PRIVACY
- Requires clear disclosure by all financial institutions of their privacy policy regarding the sharing of non-public personal information with both affiliates and third parties.
- Requires a notice to consumers and an opportunity to "opt-out" of sharing of non-public personal information with nonaffiliated third parties subject to certain limited exceptions.
- Addresses a potential imbalance between the treatment of large financial services conglomerates and small banks by including an exception, subject to strict controls, for joint marketing arrangements between financial institutions.
- Clarifies that the disclosure of a financial institution's privacy policy is required to take place at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship.
- Provides for a separate rather than joint rulemaking to carry out the purposes of the subtitle; the relevant agencies are directed, however, to consult and coordinate with one another for purposes of assuring to the maximum extent possible that the regulations that each prescribes are consistent and comparable with those prescribed by the other agencies.
- Allows the functional regulators sufficient flexibility to prescribe necessary exceptions and clarifications to the prohibitions and requirements of section 502.
- Clarifies that the remedies described in section 505 are the exclusive remedies for violations of the subtitle.
- Clarifies that nothing in this title is intended to modify, limit, or supersede the operation of the Fair Credit Reporting Act.
- Extends the time period for completion of a study on financial institutions' information-sharing practices from 6 to 18 months from date of enactment.
- Requires that rules for the disclosure of institutions' privacy policies must be issued by regulators within 6 months of the date of enactment. The rules will become effective 6 months after they are required to be prescribed unless the regulators specify a later date.
- Assigns authority for enforcing the subtitle's provisions to the Federal Trade Commission and the Federal banking agencies, the National Credit Union Administration, the Securities and Exchange Commission, according to their respective jurisdictions, and provides for enforcement of the subtitle by the States.
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