Questions & Answers

What are the Notice and Opt-Out Provisions of the Gramm-Leach-Bliley Act? The Gramm-Leach-Bliley Act's notice and opt out provisions are in addition to the obligations imposed by the Fair Credit Reporting Act (FCRA). If the FCRA currently requires that you make clear and conspicuous disclosures to...

What is the Electronic Fund Transfer Act ("EFTA")? The Electronic Fund Transfer Act establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems. The EFTA requires participants to adopt certain practices when they deal with transaction accounting and...

What is the Pretexting Provision of the Gramm-Leach-Bliley Act? Pretexting Provision of the Gramm-Leach-Bliley Act (Subtitle B - Fraudulent Access to Financial Information) 15 U.S. Code § 6821. Privacy protection for customer information of financial institutions (a) Prohibition on obtaining...

Who is Covered by the Privacy Rule in the Gramm-Leach-Bliley Act? There are two ways that the Privacy Rule might cover you. First, if you are a "financial institution," you are covered. Parts I and II of this guide describe your obligations if you collect "nonpublic personal information" from your...