Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 3 posts in Gramm-Leach-Bliley Act.

SEC’s Focus on Enforcing Data Security Safeguards Continues: Lessons Learned from Its $1M Fine of Morgan Stanley

The SEC’s recent settlement with Morgan Stanley highlights the agency’s continued focus on enforcing cybersecurity measures. On June 8, 2016, Morgan Stanley agreed to pay a $1 million penalty to settle charges relating to its alleged failure to adopt written policies and procedures reasonably designed to protect customer records and information, a violation of the “Safeguards Rule.”  Read More ›

Effective Immediately: New Exception to Annual Privacy Notice Requirement

An amendment to the Gramm-Leach-Bliley Act (“GLBA”) that was signed into law December 4, 2015, takes effect immediately and provides a new exception to the annual privacy notice requirement under GLBA. The existing language in GLBA requires financial institutions to provide their customers with initial and annual privacy notices regarding their privacy policies and information-sharing practices. Read More ›

CFPB Proposes Electronic Posting of Annual Privacy Notices

On May 6, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would amend the annual privacy notice requirement under the Gramm-Leach-Bliley Act (GLBA). Under the proposal, financial institutions would be granted the option to deliver the annually-required privacy disclosure electronically, if they meet certain other requirements. Read More ›