Section
501 of the G-L-B Act requires financial institutions*
to implement administrative, technical, and physical
safeguards for customer records and information. These
safeguards are to insure the security and confidentiality
of customer records and information, to protect against
any anticipated threats or hazards to the security
or integrity of such records, and to protect against
unauthorized access to or use of such records or information
that could result in substantial harm or inconvenience
to any customer. Our decades of bank management and
financial technology experience make us fully qualified
to evaluate your current safeguards and to recommend
cost-effective ways to improve G-L-B compliance.
Services
> Risk assessments
> Gap analysis
> Solution design
> Vendor selection
> Policy and procedures evaluation
> Disaster recovery planning
> Service provider contract review
> Employee training
> Intrusion testing
> Board presentations
Benefits
> Improve internal controls and management oversight
> Reduce operational and litigation risks
> Improve the likelihood of positive examination
outcomes
Click here to download
a PDF version of the G-L-B Act.
*Special Note: While banks and
savings and loans are traditionally included in the
definition of
“financial institution,” the Federal Trade
Commission has determined that the following
organizations are also included for the purposes of
compliance with the Act:
> Mortgage lender or
broker
> Government entities such as colleges and
universities that provide financial products
such
as student loans or mortgages
> Check cashing services and pay-day lenders
> Credit counseling service and other financial
advisors
> Medical-services provider that establishes
for a significant number of its patients
long-term
payment plans that involve interest charges
> Financial or investment advisory services
including tax planning, tax preparation, and
instruction on individual financial
management
> Retailer that issues its own credit card
> Auto dealers that lease and/or finance
> Collection agency
> Relocation service that assists individuals
with financing for moving expenses and/or
mortgages
> Organizations that sell money orders, savings
bonds, or traveler's checks
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