Gramm–Leach–Bliley Act (GLBA) Compliance
What is GLBA?
The Gramm-Leach-Bliley Act (GLBA) is a federal law established for regulating financial institutions in their handling of private information of individuals. Section 501(b) of the GLBA Act established the policy that each financial institution has a continuing obligation to respect the privacy of its customers and protect the security and confidentiality of nonpublic personal information. Since it went into effect in 2001, the impact of GLBA on financial institution practices has been profound.
Lyons Commercial Data and GLBA Compliance
Lyons Commercial Data adheres to all applicable provisions of the GLBA (Gramm-Leach-Bliley Act) while conducting business and providing services and products to our clients. Although Lyons Commercial Data does not have any consumers as clients or customers, we handle, provide, relay and otherwise transmit consumer data provided to us by commercial clients that are significantly engaged in financial activities not covered by the federal banking agencies, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and state insurance authorities.
These commercial clients include, but are not necessarily limited to, institutions such as non-bank mortgage lenders, non-bank credit card lenders, payday loan companies, loan brokers of various types, some financial or investment advisors, tax preparers, various providers of real estate settlement services, collection agencies, money transfer entities, and so on, that fall under FTC jurisdiction for purposes of the GLBA.