The Not-so-Sexy Topic of Gramm-Leach-Bliley Act (GLBA)

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What is the GLBA?

Passed in 1999, it allowed banks, brokerages, and insurance companies to legally merge.

But legislators placed stipulations on the Act prior to passage on November 12, 1999

These primary restrictions found under Title V focused on individual privacy rights

Three main parts to Title V of GLBA:

1. The Financial Privacy Rule

2. The Safeguards Rule

3. Pretexting Provisions

The Financial Privacy Rule:1. Regulates collection and disclosure of a customer’s personal financial information

2. Consumers must be provided with a privacy notice

3. Must be an opt-out provision for Fair Credit Reporting Act

4. Rules apply to companies receiving the information such as IRBsearch and you as an IRBsearch customer

The Safeguards Rule:

1. A security plan must be in place to protect consumer information

2. A designated employee must be in charge of safeguards

3. Risk management programs must be developed, tested, and monitored with regular department assessments

Pretexting Provisions:

1. Prohibits fraudulent access to financial information

2. No one is allowed access to a consumer’s financial information without proper authority

3. Prohibits use of phony emails, websites, or mail accounts.

How GLBA Came Into Play

It all started when U.S. Representative Joe Barton (R-TX6) received a Victoria’s Secret catalogue

Barton claimed that he, nor his wife, ordered the catalogue, and was worried that his credit union had given his private information to a third party

It just so happens that this whole ordeal came to fruition at the same time of as the Gramm-Leach-Bliley Act was being fine-tuned.

What It Means To You

In short, Title V of the GLBA prohibits just anyone from accessing certain undisclosed material about an individual.

This information can include: aliases, current and previous addresses, date of birth, a social security number, and credit header data.

Professional investigators were granted the ability – with proper documentation and permitted uses – to access this protected information.

Whenever an IRBsearch customer accesses the IRBsearch database, the data delivered is of a higher quality, more accurate, and more up-to-date.

Getting the Most with IRBsearch

Remember, not all databases are GLBA compliant!

Upon logging into a GLBA database, the investigator must select a valid purpose for research. The selections available generally mirror the specific exceptions contained in the privacy amendment.

IRBsearch offers a myriad of searches, reports, and value-added features to help you get the best information possible!

• IRBsearch cannot legally tell you which permitted use to choose.

• It is important to choose the right option, as each choice will bring back unique results.

It may not be the sexiest topic of the twenty-first century, but as

Representative Barton discovered, GLBA data can make a world of

difference in locating your subject—whether you are the one being

discovered, or the one doing the researching!