The federal Financial Services Modernization Act of 1999, commonly known as the Gramm-Leach-Bliley Act, provides limited protections over how financial institutions -- businesses engaged in the banking, insurance, and investing industry -- protect consumers’ nonpublic personal information. "Nonpublic personal information" covers the information on a consumer’s financial application, the information regarding a consumer’s account history, as well as the fact that a consumer is or was a customer.
What the GLBA Requires
Financial institutions regulated under the GLBA must:
Who Enforces the GLBA?
The agency responsible for enforcing the GLBA depends upon the type of financial institution involved in the specified activity.
Banks, bank and financial holding companies, credit unions, and other affiliated financial institutions are regulated by multiple federal agencies, including:
The Securities and Exchange Commission is the designated agency for brokers, dealers, investment advisers registered under the Investment Advisers Act of 1940, and investment companies.
Under state law, the Idaho Department of Insurance regulates any person who provides insurance and is domiciled in Idaho.
The Federal Trade Commission is responsible for regulating the consumer privacy practices of all other financial institutions not otherwise subject to the enforcement authority of another regulator under the GLBA.
Where Can I Get More Information about the GLBA’s Protections?
Federal Deposit Insurance Corporation: Privacy Act Issues under Gramm-Leach-Bliley
Federal Trade Commission: Privacy Choices for Your Personal Financial Information
Enforced by the Federal Trade Commission, the Fair Credit Reporting Act (FCRA) was enacted to ensure that consumer reporting agencies report accurate credit-related information regarding consumers, while also protecting consumers’ financial privacy.
Unless consumers consent to the release of their credit report, the consumer reporting agency may not release the contents of the report. An exception to this rule is that creditors and insurers may use a consumer reporting agency’s file as a basis for sending a consumer unsolicited offers, such as offers for credit cards. These offers must include a toll-free number that consumers can call to opt-out from receiving these offers. Consumers also can complete the consumer reporting agency’s form to request permanent removal from such marketing lists.
The Attorney General’s Office accepts consumer complaints regarding consumer reporting agencies that fail to comply with the FCRA. Click here to download a consumer complaint form.
For additional information about requesting your credit report, removing negative credit information, and other credit-related issues, read the Attorney General’s Credit and Debt manual.
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