News & Analysis as of

Gramm-Leach-Blilely Act Financial Institutions Consumer Privacy Rights

Ropes & Gray LLP

Pixel Litigation Risk at Financial Institutions

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An increasingly aggressive plaintiffs’ bar has brought purported class action suits based on the nearly ubiquitous use of tracking technologies used for website analytics. Although any actual harm to the plaintiffs is...more

Orrick, Herrington & Sutcliffe LLP

Where is the GLBA Entity-Level Exemption? Two More State Privacy Laws Now Apply to Financial Institutions

In May, Montana enacted Senate Bill 297, which amends the Montana Consumer Data Privacy Act (MCDPA) to eliminate the broad exemption for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA). Connecticut...more

Ballard Spahr LLP

Connecticut Amends Privacy Law

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On June 11, 2025, Connecticut passed Senate Bill 01295 (SB 01295).  If signed by the governor, SB 01295 will amend the existing Connecticut Data Privacy Act (CTDPA) in several important ways, with the amendments going into...more

Kelley Drye & Warren LLP

House Subcommittee Considers Modernizing Financial Services Under a National Privacy Framework

On Thursday, the U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing entitled, ​“Framework for the Future: Reviewing Data Privacy in Today’s Financial System.” Hearing testimony...more

Ankura

The Way Out is Through: A Guide for Navigating U.S. Consumer Privacy Laws

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It can be daunting for Fintechs, money services businesses (MSBs), and other non-bank entities operating in the consumer financial products and services space to navigate privacy legislation and determine which provisions of...more

Ballard Spahr LLP

CFPB suggests that state privacy laws can—and should—regulate financial data

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On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions.  In an...more

Cadwalader, Wickersham & Taft LLP

CFPB Report Concludes That GLBA and the FCRA Are Showing Their Age

On November 12, the Consumer Financial Protection Bureau (“CFPB”) published a report called “State Consumer Privacy Laws and the Monetization of Consumer Financial Data” that took an uneven look at how Federal financial...more

WilmerHale

New Legislation to Expand Privacy Obligations of Financial Institutions Introduced in Congress

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On February 27, 2023, the Chairman of the House Financial Services Committee Patrick McHenry (NC-10) introduced the Data Privacy Act of 2023 (the Bill), which would amend the Gramm-Leach-Bliley Act (GLBA) to “modernize[]...more

Fisher Phillips

Steering Your Auto Dealership into Compliance with New Information Security Rules: A 9-Step Guide

Fisher Phillips on

Auto dealerships that provide financing are subject to the Gramm Leach Bliley Act (GLBA). That’s the old news. What’s new is that GLBA-covered businesses have until December 9 to implement significant changes to their...more

WilmerHale

Bill Proposed in Congress to Expand Privacy Obligations of Financial Institutions

WilmerHale on

On June 23, 2022, Congressman Patrick McHenry (NC-10), released a discussion draft  (“Discussion Draft”) of new legislation set to amend the Gramm-Leach-Bliley Act (GLBA) with the intent to “modernize GLBA to better align...more

Cozen O'Connor

FTC’s Amended Safeguards Rule Imposes Significant Requirements on Covered Entities

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On October 27, 2021, the Federal Trade Commission (“FTC”) announced new updates to the Gramm-Leach-Bliley Act (“GLBA”) by amending the Standards for Safeguarding Customer Information, known as the “Safeguards Rule,” and...more

Fox Rothschild LLP

FTC’s Update to Safeguards Rule Has New Implications for Directors

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The Federal Trade Commission has issued an update to the Safeguards Rule that imposes a duty on financial institutions to protect consumer information they collect in the process of providing financial services. In an...more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

BCLP

Do Companies Need a Written Security Information Plan?

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As of January 1, 2020, California became the first state to permit residents whose personal information is exposed in a data breach to seek statutory damages between $100-$750 per incident, even in the absence of any actual...more

K&L Gates LLP

FinTech Forward: How to Prepare for the California Consumer Privacy Act (CCPA) - Part 2

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In this miniseries, John ReVeal will discuss key issues and top of mind concerns for businesses under the California Consumer Privacy Act, which will go into effect January 1, 2020. In the second episode, John ReVeal...more

Davis Wright Tremaine LLP

Exempt or Not Exempt? California Consumer Privacy Act and the Gramm-Leach-Bliley Act

For the last 18 years, most financial services businesses could sum up their privacy practices with just four letters: G-L-B-A, also known as Title V of the Gramm-Leach-Bliley Act, Public Law 106-102, and its implementing...more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121’s Change to the Financial Institution Carve-Out Provision

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Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121's Change to the Financial Institution Carve-Out Provision

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Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

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