The Gramm-Leach-Bliley Act (GLBA) requires financial institutions to provide <\/span>\u00a0<\/span>consumers with a privacy notice disclosing that a consumer\u2019s nonpublic personal <\/span>\u00a0<\/span>information (NPI) is shared with nonaffiliated third parties, describing the consumer\u2019s <\/span>\u00a0<\/span>ability to opt out of sharing practice in certain circumstances, and explaining how to <\/span>\u00a0<\/span>exercise their right to opt out.<\/span>\u00a0<\/span><\/p>\n Reference: Gramm-Leach-Bliley Act, Publication 1, 106-102, 113 stat. 1338 (1999)<\/span><\/i><\/p>\n A financial institution must issue its GLBA privacy notice when it first establishes a <\/span>\u00a0<\/span>customer relationship. This notice is provided annually thereafter, subject to an <\/span>\u00a0<\/span>exception under the 2015 Fixing American\u2019s Surface Transportation (FAST) Act.<\/span>\u00a0<\/span><\/p>\n Each of these notices must provide information about the NPI the institution collects <\/span>\u00a0<\/span>and disclosed.\u00a0<\/span>\u00a0<\/span>[\/vc_column_text][divider line_type=”No Line” custom_height=”50px”][nectar_gradient_text heading_tag=”h2″ color=”extra-color-gradient-2″ gradient_direction=”diagonal” text=”Emerging Issues”][vc_column_text css=”.vc_custom_1640037295635{padding-bottom: 0px !important;}”]\n 09\/28\/21 – Introduced in the Senate by Gary Peters\u00a0<\/span><\/i><\/p>\n 10\/06\/21 – Passed the Senate Homeland Security and Governmental Affairs Committee <\/span><\/i><\/p>\n Key Provisions:<\/span><\/strong><\/p>\n Answer<\/strong>: <\/b>Yes, regulation requires providing notice to a customer of a check being returned by midnight of the banking day following the banking day on which the bank received notice of the check either being returned or nonpayment.<\/span><\/p>\n Question: <\/b>How often must bank management review the bank\u2019s electronic banking policies and what criteria should be evaluated?\u00a0<\/span><\/p>\n Answer: <\/b>The Federal Financial Institutions Examination Council (FFIEC) Booklet addresses electronic banking. Under guidance, once an institution implements its e-banking strategy, the board and management should <\/span>p<\/span>eriodically <\/span>evaluate the strategy\u2019s effectiveness.<\/span><\/p>\n This review should include:\u00a0<\/span><\/p>\n Reference: FFIEC IT Examination Manual (E-Banking): https:\/\/ithandbook.ffiec.gov\/it-booklet\/e banking\/risk-managment-of-e-banking-activities\/board-and-management-oversight\/monitoring-and accountability.aspx.<\/span><\/i>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":" [vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default”…<\/p>\n","protected":false},"author":3,"featured_media":1281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[103],"tags":[],"class_list":{"0":"post-1279","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-security-updates"},"yoast_head":"\nInitial Notice<\/h3>\n
Cyber Incident Reporting Act S. 2875<\/h2>\n
\n
\n