3.123- What are SAR privacy requirements• Gramm-Leach-Bliley Act (GLB) – Privacy, FTC Safeguard Rules and Do Not Call ?

The Gramm Leach Bliley Act was given the seal of approval on November 12, 1999. Besides revamping the financial services industry the legislation also enacts laws premised upon the consumer’s privacy and confidentiality in the financial sense. It is the duty of the financial institution to grant a salient and precise notice delineating respective policies regarding privacy and general practices. Consumers and customers both receive such a privacy notice. We should not forget that there is certain data that has to be mentioned in the report. Going forward, we have the FTC Safeguard Rules which compels financial institutions to take steps in order to ensure the security of the customer’s data thus these institutions must land within the ambit of the FTC’s authority. To boot, such companies that assume the latter obligation also ensure that their affiliates and service providers preserve consumer data on their end as well and adhere to the requirements of FTC regarding the Do Not Call list.