Simply said, section 501 (b) of Gramm-Leach-Bliley Act (GLBA) requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.
Financial institutions are categorized as companies that offer consumers financial products or services like loans, financial or investment advice, or insurance. Non-compliance of GLBA can result in a variety of fines and up to five years imprisonment for each violation—not to mention the reputational risk of the financial institution receiving negative press / media attention etc.
Elevate’s IT Compliance and IT Security Consultants are continuously up-to-date on the guidance from the Federal Financial Institutions Examination Council (FFEIC) and accompanying enforcement agencies (e.g. FDIC, Federal Reserve, OCC etc).
Our GLBA 501(b) compliance services include: