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GLB Act - 3 Resources OverviewGramm-Leach-Bliley Act of 1999 (GLB Act)The Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLB Act), includes privacy provisions to protect consumer information held by financial institutions. In 2003, the Federal Trade Commission (FTC) confirmed that higher education institutions are considered financial institutions under this federal law. The Safeguards Rule of the GLB Act requires financial institutions to have a security plan to protect confidentiality and integrity of personal information. Privacy notices explaining an institution's information-sharing practices must also be provided. As of May 23, 2003, colleges and universities must be in compliance with provisions of the GLB Act that relate to the Safeguards Rule. Colleges and universities that already comply with the Family Educational Rights and Privacy Act (FERPA) will be deemed to be in compliance with FTC privacy rules under the GLB Act. EDUCAUSE has identified links concerning the GLB Act that may be useful to the higher education community. Many of these links have been contributed by EDUCAUSE members. If you would like to include additional resources on this page, send the information to contribute@educause.edu Federal Government ResourcesGramm-Leach-Bliley Act of 1999 (GLB Act) Public Law 106-102, passed by the 106th Congress. 16 CFR Part 314: Standards for Safeguarding Customer Information; Final Rule Published in May 2002, the regulations under 16 CFR Part Part 314 stem from the GLB Act and mandate extensive new privacy protections for consumers. Since colleges and universities participate in financial activities, such as making federal Perkins Loans, FTC regulations consider higher education institutions to be financial institutions for the purposes of the GLB Act. Financial Privacy: The Gramm-Leach Bliley Act The FTC is educating consumers and businesses about the importance of personal information privacy, including the security of personal information. Under the GLB Act, the FTC has implemented rules concerning financial privacy notices and the administrative, technical, and physical safeguarding of personal information. FTC Information Security This Web site was created by the FTC for consumers and businesses as a source of information about computer security and safeguarding personal information. Information Regarding the Gramm-Leach-Bliley Act of 1999 This web site, hosted by the U.S. Senate Committee on Banking, Housing, and Urban Affairs, provides a conference report and text of the bill, summary of provisions, statements, and press releases. Association and Non-governmental Organization ResourcesEPIC (Electronic Privacy Information Center) GLB Resource Page National Association of College and University Business Officers (NACUBO) GLB Act Resource Page Universities and the GLB ActCatholic University of America, Office of the General Counsel Florida State University, Finance Administration Policies & Procedures University of Kansas Medical Center, GLB Act Security Program University of Maryland-Baltimore, Information Technology Privacy Policy University of Virginia, Financial & Administrative Policies & Procedures The Financial Modernization Act of 1999, also known as the “Gramm-Leach-Bliley Act” or GLB Act, includes provisions to protect consumers’ personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pretexting provisions. The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to “financial institutions,” which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. Publications (3)EDUCAUSE publications address a diverse range of professional challenges in higher education IT, from updates on current developments to explorations of important overarching issues. Listed below are the full range of research, reports and other publications that EDUCAUSE and its members have written about GLB Act. Do you have a great resource that should be listed here? Email contribute@educause.edu with your recommendation! |
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