GRAMM-LEACH-BLILEY PRIVACY POLICY
GENERATOR
Assistance To Marketers
Who Use Financial Data
Source: The DMA - http://www.the-dma.org/privacy/glbppg.shtml
The DMA is pleased to provide marketers with information and assistance
on how to comply with the notice and opt-out requirements of the Gramm-Leach-Bliley
Act of 2000. This site provides you with the following information:
Do The Privacy Notice Requirements
Of The Gramm-Leach-Bliley Act Apply To Your Company?
The short answer is YES, if you are considered a "financial institution"
under the Gramm-Leach-Bliley Act of 2000 (GLB). Such institutions were
required to send GLB-compliant privacy policies to their customers by
July 1, 2001 and once a year thereafter.
What is a "financial institution" under GLB?
Under GLB, a "financial institution" includes traditional institutions
such as banks, credit unions, and securities brokers. It also covers other
entities such as real estate appraisers, insurance companies, automobile
leasing companies, companies that operate as travel agencies in connection
with financial services, and retailers that issue their own credit cards
directly to consumers.
What must a Gramm-Leach-Bliley
privacy policy notice include?
If your company is considered a "financial institution" as defined above,
then you need to send your customers an initial - and then annual - notice
regarding your company's policies. In your notice, you must explain how
you collect and share information, and provide a way for customers to
opt-out of such information exchanges. Specifically, you must include:
- Types of information your company collects;
- Types of information your company shares;
- Types of affiliates, non-affiliates and joint marketers with whom
your company shares information; [Note: You need not offer an opt-out
for information shared with affiliates, joint marketers, and non-affiliates
that are performing functions on your company's behalf. However, you
must still describe your information-sharing practices.]
- How a customer can opt-out of information exchanges as well a method
for doing so. You must also include a means for opting out of information
exchanges among affiliates as required by the Fair
Credit Reporting Act (FCRA);
- Assurance that information policies and practices are in place for
security and confidentiality of data; and
- Description of the types of information your company discloses about
former customers and to whom you disclose such information.
How To Construct Your Privacy
Policy To Comply With Gramm-Leach-Bliley
We thought it might be helpful to walk you through the process of creating
a privacy policy that meets the notice and opt-out requirements of GLB.
Go
directly to our generator and fill out the questions. We'll send you
a customized page you can post to your Web site and mail to your customers.
Most Frequently Asked Questions
Regarding Gramm-Leach-Bliley
We have put together a series of questions and answers to assist marketers
in understanding and complying with GLB. Go
to our FAQ section.
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