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Financial privacy laws regulate the manner in which financial institutions handle the nonpublic financial information of consumers. In the United States, financial privacy is regulated through laws enacted at the federal and state level.
Under the RFPA, the FBI could obtain records with a national security letter (NSL) only if the FBI could first demonstrate the person was a foreign power or an agent of a foreign power. Compliance by the recipient of the NSL was voluntary, and states' consumer privacy laws often allowed financial institutions to decline the requests. [4]
The law also requires any entity that licenses such information to notify the owner or licensee of the information of any breach of the security of the data. In general, most state laws follow the basic tenets of California's original law: Companies must immediately disclose a data breach to customers, usually in writing. [25]
The Consumer Data Security and Notification Act amends the Gramm-Leach-Bliley Act to require disclosure of security breaches by financial institutions. Congressmen have also proposed "expanding Gramm-Leach-Bliley to all industries that touch consumer financial information, including any firm that accepts payment by a credit card."
The Federal Information Security Management Act of 2002 (FISMA, 44 U.S.C. § 3541, et seq.) is a United States federal law enacted in 2002 as Title III of the E-Government Act of 2002 (Pub. L. 107–347 (text), 116 Stat. 2899).
Information security is the practice of protecting information by mitigating information risks. It is part of information risk management. [1] It typically involves preventing or reducing the probability of unauthorized or inappropriate access to data or the unlawful use, disclosure, disruption, deletion, corruption, modification, inspection, recording, or devaluation of information.
The law also defined the rights granted to individuals in regards to their financial information including the right to obtain a credit score; the right to know what information is in your financial file; the right to know when your information is being accessed and used; and the right to dispute any inaccurate or incorrect information. [23]
The Securities Act of 1933 regulates the distribution of securities to public investors by creating registration and liability provisions to protect investors. With only a few exemptions, every security offering is required to be registered with the SEC by filing a registration statement that includes issuer history, business competition and material risks, litigation information, previous ...