Protecting Consumers’ Financial Privacy
Financial institutions are required to take steps to protect the privacy of consumers’ finances under a federal law called the Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act. The FTC is one of the federal agencies that enforces provisions of Gramm-Leach Bliley, and the law covers not only banks, but also securities firms, and insurance companies, and companies providing many other types of financial products and services. Under the law, agencies enforce the Financial Privacy Rule, which governs how financial institutions can collect and disclose customers’ personal financial information; the Safeguards Rule, which requires all financial institutions to maintain safeguards to protect customer information; and another provision designed to prevent individuals and companies from gaining access to consumers’ personal financial information under false pretenses, a practice known as "pretexting."
- PayPal Settles FTC Charges that Venmo Failed to Disclose Information to Consumers About the Ability to Transfer Funds and Privacy Settings; Violated Gramm-Leach-Bliley Act ( )
- FTC Gives Final Approval to Settlement with Online Tax Preparation Service ( )
- Operator of Online Tax Preparation Service Agrees to Settle FTC Charges That it Violated Financial Privacy and Security Rules ( )
- FTC Proposes Gramm-Leach-Bliley Rule Amendment to Allow Online Privacy Notices From Auto Dealers That Finance Purchases ( )
- FTC Charges Data Broker with Facilitating the Theft of Millions of Dollars from Consumers' Accounts ( )
- FTC Alleges Debt Brokers Illegally Exposed Personal Information of Tens of Thousands of Consumers on the Internet ( )
- FTC Announces Agenda, Panelists for Alternative Scoring Seminar ( )
- FTC Signs Memorandum of Understanding with UK Privacy Enforcement Agency ( )
- FTC Warns Data Broker Operations of Possible Privacy Violations ( )
- FTC to Study Data Broker Industry's Collection and Use of Consumer Data ( )
- Companies that Own and Manage Payday Lending and Check Cashing Stores to Settle FTC Charges That They Tossed Sensitive Consumer Data into Trash Dumpsters ( )
- Membership Reward Service Aimed at College Savers Settles FTC Charges That Its 'TurboSaver Toolbar' Feature Deceptively Collected Consumers' Personal Information ( )
- Credit Report Resellers Settle FTC Charges; Security Failures Allowed Hackers to Access Consumers' Personal Information ( )
- Federal Regulators Release Model Consumer Privacy Notice Online Form Builder ( )
- Mortgage Company Settles Data Security Charges ( )
- Exploring Privacy: A Roundtable SeriesMarch 17, 2010
- Privacy & Data Security Update (2016) ( )
- Privacy & Data Security Update (2015) ( )
- Privacy & Data Security Update (2014) ( )
- Privacy & Data Security Update (2013) ( )
- Financial Privacy Notice: A Report on Validation Testing Results (Kleimann Validation Report) ( )
- Evolution of a Prototype Financial Privacy Notice: A Report on the Form Development Project ( )
- Enforcement Actions Pursuant to Title V, Subtitle B of the Gramm-Leach-Bliley Act ("Fraudulent Access to Financial Information"): Fourth Annual Federal Trade Commission Report to Congress ( )
