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Consumer Financial Information - Coggle Diagram
Consumer Financial Information
What classifies as consumer financial information
any information you get about an individual from a transaction involving your financial product(s) or service(s)
Some examples are
SSN
Diver's License Number
Address (Current or Former)
Phone Number (Current or Former)
Employment History (Current and Former)
Income Information
To combat financial uncertainty Congress created The Federal Reserve System in 1913
In addition to severing the banks for the US Gov., the Fed is the main regulatory authority for;
State-chartered Banks that choose to become members of the Federal Reserve System
Bank holding companies. The Fed also supervises companies that control banks (called bank holding comapnies)
Foreign banks that operate in the US
Foreign Branches of US member banks
Federal Banking Regulatory Agencies
Federal Reserve System (the Fed)
State-chartered member
Banks holding companies
Foreign banks that operate in the US
Foreign Branches of US member banks
Federal Deposit Insurance Corporation (FDIC)
Federally insured depository institution
State-chartered banks that are not members of the Fed
National Credit Union Administration (NCUA)
Federally chartered credit union
Federally insured credit union
Office of the Comptroller of the Currency (OCC)
Nationally chartered banks
Federal savings associations
US federal branches of foreign banks
Gramm-Leach Bliley Act
primary law governing the protection of consumer financial information
Purpose
to protect consumer financial information
Scope
includes financial activates as borrowing lending providing credit counseling debt collection and other activities
applies to all businesses, regardless of size, that are “significantly engaged” in providing financial products or services to consumers
Nonpublic Personal Information (NPI)
SSN
Financial Account Numbers
Credit Card Numbers
Data of Birth
Name, Address, and Phone Number when collected with financial data
Details of any transaction or the fact than an individual is a customer of a financial institution