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Gramm Leach Bliley (GLB) Act Compliance

The GLB Act of 1999 and the Safeguards Rule of 2002 require all financial service providers to protect their customer's financial privacy and is enforced by the US Federal Trade Commission (FTC).

Encyro Inc helps financial service providers to comply with GLBA requirements. Encyro Inc is not itself a financial service provider.

Am I required to comply?

The rule applies to any business entity significantly engaged in financial activities. FTC provides examples of included financial activities, though other financial activities may also be covered. FTC's examples include

  • lenders (including non-bank lenders),
  • check cashers,
  • wire transfer services,
  • sellers of money orders
  • credit counselors,
  • financial planners,
  • tax preparers
  • accountants
  • investment advisors
  • insurance agents
  • loan brokers
  • loan servicing firms
  • debt collection firms
  • real estate settlement service providers
  • career counselors (serving individuals seeking employment in the financial services industry)

How does Encyro help me comply?

To comply with the GLB Act and the Safeguards Rule (16 C.F.R. Part 314, 67 Fed. Reg. 36484, 2002), you must protect nonpublic personal information (NPI). NPI is any personally identifiable financial information that you collect or receive and is not otherwise public.

Encyro helps you comply with the requirements to:

  1. encrypt data when sent over the network,
  2. use encrypted files to store customer data,
  3. make it automatic for customers to send encrypted (through the use of your Encyro upload page)
  4. enforce strong passwords (see compliance settings)
  5. automatically log you out after a period of inactivity (see compliance settings), and
  6. maintain logs of activity (through the Audit Trails feature)
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