Privacy
• GLBA compliance is not voluntary; whether a financial institution discloses nonpublic information or not, there must be a policy in place to protect the information from foreseeable threats in security and data integrity
• Major Components put into place to govern the collection, disclosure, and protection of consumers' nonpublic personal information; or personally identifiable information:
• Financial Privacy Rule
• Safeguards Rule
• Pretexting Protection

Financial Privacy Rule
(Subtitle A: Disclosure of Nonpublic Personal Information, codified at 15 U.S.C. § 6801 through 15 U.S.C. § 6809)

The Financial Privacy Rule requires financial institutions to provide each consumer with a privacy notice at the time the consumer relationship is established and annually thereafter. The privacy notice must explain the information collected about the consumer, where that information is shared, how that information is used, and how that information is protected. The notice must also identify the consumer's right to opt-out of the information being shared with unaffiliated parties per the Fair Credit Reporting Act. Should the privacy policy change at any point in time, the consumer must be notified again for acceptance. Each time the privacy notice is reestablished, the consumer has the right to opt-out again. The unaffiliated parties receiving the nonpublic information are held to the acceptance terms of the consumer under the original relationship agreement. In summary, the financial privacy rule provides for a privacy policy agreement between the company and the consumer pertaining to the protection of the consumer's personal nonpublic information.