GLB and Shredding

The Financial Modernization Act of 1999, also known as the Gramm-Leach Bliley Act (GLB) protects the privacy of consumer information held by financial institutions and also those institutions receiving consumer information from them. GLB requires that financial institutions provide consumers with privacy notices which inform the consumer on how their personal information will be used. GLB also requires that financial institutions safeguard consumer information with proper storage and disposal procedures.

Who is responsible for complying with GLB?

Financial institutions such as:

• Banks
• Securities
• Insurance Companies

Companies that provide financial products and services to consumers, such as:

• Credit counselors
• Lenders
• Debt Collectors

Also, any company that receives consumer information from financial institutions.

How can companies remain compliant with GLB?
GLB requires that financial institutions create a security plan to protect consumer information. It is recommended that at least one employee be assigned to monitor this security plan, which includes the proper storage and disposal of confidential information. The Federal Trade Commission (FTC) monitors compliance with GLB. Financial penalties are outlined for companies who violate GLB regulations.

How can US Document Security assist with GLB compliance?
The Safeguards Rule of GLB requires that companies oversee their disposal vendors to ensure that they are taking the proper safeguards in destroying consumer information. Our shredding services provide companies with the assurance that their confidential information is securely destroyed and can not be recovered. A chain of custody is established from the moment we pick up confidential information to the time it is destroyed. We know where the information is at all times. We provide a Certificate of Destruction for all materials once they are destroyed, which helps to further provide proof of compliance.

If you wish to inquire about these shredding services, please fill in the form or call us at 800.880.3539.