The eight regulatory agencies that released the final model privacy notice form that satisfies the disclosure requirements under the Gramm-Leach-Bliley Act have released an Online Form Builder to assist financial institutions in meeting their obligations under the act.
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On March 22, 2010, Washington Governor Christine Gregoire signed H.B. 1149 into law, making her state the second behind Minnesota to hold businesses and governmental entities responsible to financial institutions for certain costs arising from payment card information breaches. As of July 1, entities that process more than 6 million credit or debit card transactions annually who fail to reasonably safeguard card information can be required to reimburse financial institutions for the costs related to the re-issuance of cards as well as attorneys fees and costs in the event that a security breach involving payment card information is a proximate result.
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On November 17, 2009, eight federal regulatory agencies released their final model privacy notice form that is intended to make it easier for consumers to understand how financial institutions collect and share information about them.
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Today, at the urging of Members of Congress, the Federal Trade Commission (“FTC”) announced that it will delay enforcement of its Red Flags Rule for the fourth time. Financial institutions and creditors subject to enforcement by the FTC will now have until June 1, 2010 to develop written policies and procedures to detect and respond … Continue Reading
On Thursday, the staff of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision and the Federal Trade Commission issued a set of FAQs to assist financial institutions, creditors, users of consumer reports, and card issuers in complying with the Red Flags and Address Discrepancies Rules under FACTA.
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On March 21, 2007, eight federal regulatory agencies (“Joint Agencies”) with jurisdiction over Gramm-Leach-Bliley Act (“GLBA”) regulated “financial institutions” issued an interagency proposal for a new model privacy form. The proposal is the result of a lengthy process the Joint Agencies began in 2001 to improve the format of GLBA privacy notices to make them more … Continue Reading
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