Title: Class Outline 22
Course: KVCC BUS118 > Section: Class Outlines

a.      Consumer Protections

i.           Consumer Financial Protection Bureau

ii.           Federal Trade Commission

b.      Federal Financial Institutions Examination Council

i.           Setup standards for bank examination

1.      Six Task forces

a.      Consumer Compliance

b.      Examiner Education

c.      Information Sharing

d.      Reports

e.      Supervision

f.       Surveillance Systems

c.      The Gramm-Leach-Bliley Act

i.           For the first time this law allowed banks, securities, and insurance companies to merge together.

1.      Why? - The argument was that then customers would only have to work with one company and it would thus be easier for them

ii.           Privacy Protections

1.      Nonpublic Personal Information NPI

a.      SS Number

b.      Financial Account Numbers

c.      Credit Card numbers

d.      Date of Birth

e.      Name, Address, and phone numbers when collected with financial data

f.       Details of any transactions or even if they are a customer

2.      Three rules

a.      Privacy

1.      Non Affiliated third party - is not legally related to the financial institution

2.      If NPI is going to be shared with this third party then they have to notify you. You also have the right to opt out of the sharing

3.      Difference between customer and consumer

a.      Consumer - obtains a product or service from the institution

b.      Customer - has a continued relationship

b.      Safeguard

1.      The establishment of standards

a.      Protect security and confidentiality of customer information

b.      Protect against threats to the security or integrity of customer information

c.      Protect against unauthorized access to use of customer information that could result in harm to a customer

2.      Further Rules pg 108

c.      Pretexting/Social Engineering

d.      Red Flags Rule

i.           Looking for warnings that identity theft might be taking place

ii.           Creditor

iii.           Covered Account

1.      Any account used for personal, family, or household purposes

2.      Any account where identity theft is reasonably foreseeable

iv.           Those that fall under this rule must create a written identity theft prevention program

1.      Detect

2.      Protect

3.      Mitigate

v.           Must include

1.      The identification of Red Flags

2.      Determine how to detect Red Flags

3.      How to respond to Red Flags

4.      Must be reviewed periodically

e.      Payment Card Industry Standards

i.           Members

1.      Mastercard

2.      Visa

3.      American Express

4.      JCB International

5.      Discover

ii.           Payment Card Industry (PCI) Data Security Standard (DSS)

Attached Files: | - KVCC BUS118_LegalAspectsBusInfoSys_Class Outlline 22(1).pdf