The Gramm-Leach-Bliley Act requires financial institutions to explain their information-sharing practices to customers and to safeguard sensitive data. The Act has three principal components relevant to platform governance: the Financial Privacy Rule, the Safeguards Rule, and pretexting protections.
The Financial Privacy Rule requires financial institutions to provide customers with privacy notices explaining what information is collected, where it is shared, how it is used, and how it is protected. Customers must receive these notices when they first establish a relationship and annually thereafter.
The Safeguards Rule, updated significantly by the FTC in 2023, requires financial institutions to develop, implement, and maintain a comprehensive information security program including risk assessments, access controls, encryption, multi-factor authentication, and incident response plans.
ConductAtlas maps governance language to potentially relevant regulatory frameworks. Regulatory applicability and enforceability may vary by jurisdiction, enforcement context, and individual circumstances. This page is informational and does not constitute legal advice. Methodology
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