Community Banks & Credit Unions

Community Banks, Credit Unions & GLBA compliance

The Policy that primarily drives all cyber security with financial institutions at the Federal level is the Gramm-Leach-Bliley Act “Safeguards rule”.

The Gramm–Leach–Bliley Act – (for details 68016809) GLBA requires financial institutions (companies that offer consumers financial products or services like loans, financial or investment advice, or insurance) to explain their information-sharing practices to their customers and to safeguard sensitive data. The Act contains three elements (Privacy Rule, Safeguards Rule and Pretexting Protection) regarding the privacy of information, of which businesses, primarily “financial institutions,” need to be aware.

Community Banks and Credit Unions do not have the same financial resources as large organizations and can not afford expensive technologies to support their institutions in meeting many of the GLBA Safeguards Rule requirements.

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