What laws protect personal banking information?
In Washington, several laws protect personal banking information. The main two are the Fair Credit Reporting Act and the Gramm-Leach-Bliley Act. The Fair Credit Reporting Act, or FCRA, is a federal law that is designed to protect the privacy of consumers’ financial information. This law requires financial institutions to provide consumers with notice when their information is being shared with third parties, to allow consumers to opt out of receiving certain types of offers or programs based on their financial information, and to notify consumers when their information is used for marketing purposes. The Gramm-Leach-Bliley Act, or GLBA, is a federal law that requires financial institutions to properly protect sensitive customer information. This law requires financial institutions to provide clear and conspicuous privacy notices to consumers that explain what information is being collected, how it is being used, and how it is being protected. In addition, the GLBA also requires financial institutions to implement physical, electronic, and procedural safeguards to protect against unauthorized access to or use of customer information. This may include encryption of customer data, password protection, regular security assessments, and physical security measures. These laws provide important protections for consumers’ personal banking information in Washington and help promote consumer confidence in using financial services and products.
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