Privacy Requirements for Financial Institutions

Since January 1, 2025, there have been significant developments related to federal privacy laws and regulations affecting financial institutions, particularly concerning the Gramm-Leach-Bliley Act (GLBA) and the Right to Financial Privacy Act (RFPA).​ Recent breach reports, including the  widely reported February OCC breach, underscore vulnerabilities in data security, prompting increased scrutiny of compliance measures and the responsibilities of financial institutions to safeguard personal information. Explore this Personal Data State Law Survey for a view on restrictions and prohibitions of nonpublic personally identifying information in the 50 U.S. states, District of Columbia, and U.S. territories.

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Related Content                                                 

• Gramm-Leach-Bliley Act (GLBA) Privacy Requirements
  Explore the GLBA privacy requirements in place to address the risks associated with financial institutions having direct control over the personal and financial information of customers. The content includes information on the GLBA Safeguards Rule which requires safeguard measures and reporting of certain data breaches and security events.

• Responding to Subpoenas For Financial Services Companies
  Get clear guidance on when financial institutions are required to provide government agencies with access to consumer financial records, as stipulated by the RFPA.

• Third-Party Disclosure of Personal Data Key Federal Laws
  Access this practice note for an overview of federal laws that regulate third-party disclosure of personal information.

• Financial Privacy Regulation Compliance Checklist, Data Breach Avoidance and Response Plan Checklist, Responding to a Data Breach Checklist (Financial Institutions)
  Browse these useful tools for understanding government access to financial records, ensuring procedural safeguards, and ensuring compliance with applicable federal privacy laws and regulations. 

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