Posted by jojo_MN on 1/10/07 11:21am
Msg #170152

This is the The Gramm-Leach Bliley Act - Long

It does not state that you need training as compliance.

The Gramm-Leach Bliley Act


The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act" or GLB Act, includes provisions to protect consumers’ personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pretexting provisions.

The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to "financial institutions," which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. Among these services are lending, brokering or servicing any type of consumer loan, transferring or safeguarding money, preparing individual tax returns, providing financial advice or credit counseling, providing residential real estate settlement services, collecting consumer debts and an array of other activities. Such non-traditional "financial institutions" are regulated by the FTC. For more information on the types of financial activities covered, click here.

The Financial Privacy Rule governs the collection and disclosure of customers' personal financial information by financial institutions. It also applies to companies, whether or not they are financial institutions, who receive such information. For a summary overview of the Financial Privacy Rule, see In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act.

The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions "such as credit reporting agencies" that receive customer information from other financial institutions.

The Pretexting provisions of the GLB Act protect consumers from individuals and companies that obtain their personal financial information under false pretenses, a practice known as "pretexting."

Reply by Lee/AR on 1/10/07 1:06pm
Msg #170172

Exactly right! n/m

Reply by John_NorCal on 1/10/07 1:23pm
Msg #170174

That's what I make of it too. That Nat Assoc is just trying

to use scare tactics in order to line their pockets. They can pay for all the mouthpieces in the world to try to convince people. They figure if they keep spouting off, people will believe them.

Reply by Carmen/123 on 1/10/07 8:10pm
Msg #170239

Re: That's what I make of it too. That Nat Assoc is just try

The National you lnow who should be ashamed of themselves. As my daughter always says the lies are thunderous!

~C

Reply by TitleGalCA on 1/10/07 8:18pm
Msg #170241

Re: That's what I make of it too. That Nat Assoc is just try

Unfortunately, too many TC's are just jumping on that bandwagon....because it's easy. I hate that about my own industry. Not making a stand, no waves...just going along with the program. There's a reason we're called the ho's of the industry - and we've done it to ourselves.

The "program" is seriously flawed - and it's caused SA's that I know and respect (no names) to fold and pay the exhorbitant fees for something that is simply not needed; all to accomodate a wave of marketing propaganda, by a for-profit organization that is spending and lobbying said TC's.

(disclaimer) My opinions are mine only and do not represent the views of my employer, whatsoever. As I pay for my membership here out of my own pocket, as well as all my notary fees, and am an independent signing agent, I'm entitled to my opinion - and it's only my opinion. (end of disclaimer).

Hope I covered all that....stuff.

Reply by Ndwa on 1/11/07 2:06am
Msg #170273

Re: That's what I make of it too. That Nat Assoc is just try

***The "program" is seriously flawed - and it's caused SA's that I know and respect (no names) to fold and pay the exhorbitant fees for something that is simply not needed; all to accomodate a wave of marketing propaganda, by a for-profit organization that is spending and lobbying said TC's.***

I'm glad none of my clients have ever mentioned about the props. I always thought scare tactics are used to discipline kids. It's ashame for one who recognize its evil then only to surrender.

Reply by William Weiland on 1/10/07 4:54pm
Msg #170201

Gramm-Leach Bliley Financial Services Modernization Act rules state as follows:

16 CFR 314.4 (d) states that financial institutions must oversee service providers, by:
(1) Taking reasonable steps to select
and retain service providers that are
capable of maintaining appropriate
safeguards for the customer information
at issue; and
(2) Requiring your service providers
by contract to implement and maintain
such safeguards.

No mention of requiring criminal background screening

Reply by Lee/AR on 1/10/07 5:09pm
Msg #170208

Aaaah.... it's all about the money. We have a little; they want it. The rest is just razzle-dazzle scare tactics to get us to part with it.

Reply by jojo_MN on 1/10/07 6:33pm
Msg #170220

Thank you.

That's what I've been trying to tell the XYZ and the companies they have convinced that the criminal background check and certification are required. It doesn't mention anything about certification/training either. They (the XYZ) were telling everyone months ago that the Act was requiring both.

I posted the act because I've had notaries questioning what the act was--not to cause more problems.

Reply by JanetK_CA on 1/10/07 9:57pm
Msg #170253

Re: This is the The Gramm-Leach Bliley Act - Also....

I'm still waiting to hear where they actually include training relevant to the issues (i.e. "Safeguard Rule" that they are currently spouting about. Anyone ever learn anything about this from them? I'm ready to stand corrected if they've added something. And is there a second edition to their course book that addresses it? I genuinely want to know. Anyone??