2006 Spring MASFAP CONFERENCE. Ginny D’Angelo Vice President of Student Loans Commerce Bank Leo Hertling Associate Director St. Louis College of Pharmacy. GRAMM-LEACH-BLILEY GLB ACT. Financial Modernization Act of 1999. Gramm-Leach-Bliley Act.
Financial Modernization Act of 1999
GLB is a federal law, which includes provisions in requiring financial institutions to take steps ensuring the security and confidentiality of a consumers/customers personal information.
In 2003, the Federal Trade Commission (FTC) confirmed that higher education institutions are considered financial institutions under this law.
The law requires that institutions must protect information collected about individuals:
According to the Safeguards Rule, financial institutions must develop a written information security plan that describes their program to protect customer information. Privacy notices explaining an institution’s information-sharing practices must also be provided to each customer.
Experts suggest that three areas of operation present special challenges and risks to information security:
Quick Tips for Safeguarding information:
Law enforcement officials (must have proper documentation and credentials)
Contracted services (loan, collection agencies)
MAY NOT SHARE
Social Security #
Student ID #
Alternative Parent Loans