Federal Financial Institutions Examination Council (FFIEC)

Posted: June 3rd, 2021

ISOL 633
Legal, Regulations, Investigations, and Compliance
UNIVERSITY OF THE CUMBERLANDS
School of Computer and Information Sciences

Housekeeping
Lecture Roadmap
This Week :
* Chapter Four: Security and Privacy of Consumer Financial Information
Coming Weeks:
* Chapter Five: Security and Privacy of Information Belonging to Children and Educational Records
* Chapter Six: Security and Privacy of Health Information

Describe business challenges that face financial institutions.
Define a “financial institution” and “consumer financial information.”
Explain the main parts of the Gramm-Leach-Bliley Act.
Explain the role of the Federal Financial Institutions Examinations Council.
Describe the Federal Trade Commission Red Flags Rule.
Discuss the Payment Card Industry Standards.

Chapter Four Objectives

Business Challenges Facing Financial Institutions
Types of Financial Institutions
Consumer Financial Information
Who Regulates Financial Institutions?
Federal Financial Institutions Examination Council (FFIEC)
The Gramm-Leach Bliley Act (GLBA)
The Federal Trade Commission Red Flags Rule
Payment Card Industry (PCI) Data Security Standards (DSS)

Chapter Four: Security and Privacy of Consumer Financial Information

Chapter Four: Security and Privacy of Consumer Financial Information
Business Challenges Facing Financial Institutions
Bear cost of consumer identity theft
Company names and logos used in phishing scams
Targets of hackers
Must follow regulations designed to protect security and privacy of data they collect and use; rules place compliance burden on financial institutions

Chapter Four: Security and Privacy of Consumer Financial Information
Types of Financial Institutions
Bank
Credit Union
Savings & Loan
Finance Corporation
Insurance Company
Investment Firm
**Refer to specific law**

Chapter Four: Security and Privacy of Consumer Financial Information
Consumer Financial Information
Name
Social Security Number
Driver’s License Number
Address
Phone Number
Work History
Spouse’s Data
Etc., etc., etc.

Chapter Four: Security and Privacy of Consumer Financial Information
Who Regulates Financial Institutions?
Federal Reserve System
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency

Chapter Four: Security and Privacy of Consumer Financial Information
Federal Financial Institutions Examination Council (FFIEC)
Establishes Examinations Principles & Standards

Develops Uniform Reporting System

Conducts Training

Bank Supervision

Encourages Uniform Principles & Standards

Chapter Four: Security and Privacy of Consumer Financial Information
The Gramm-Leach Bliley Act (GLBA)
Requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.
FINANCIAL PRIVACY RULE
SAFEGUARDS RULE
PRETEXTING PROTECTION

Chapter Four: Security and Privacy of Consumer Financial Information
The Federal Trade Commission Red Flags Rule
Suspicious PII
Unusual Account Activity
Credit Agency Alerts
Notice of Identify Theft
Suspicious Documents

Chapter Four: Security and Privacy of Consumer Financial Information
Payment Card Industry (PCI) Data Security Standards (DSS)
Credit or Payment Card Industry

**AND**

Merchants Who Process Payment Cards
Build and maintain a secure network
Protect card holder data
Maintain a vulnerability management program
Implement strong access control measures
Regularly monitor and test networks
Maintain an information security policy

Consumer financial information is valuable. In the wrong hands, it can be used to commit identity theft. The U.S. federal government regulates how this information can be used. Private industry also takes steps to guard this information. These laws and standards work together to protect consumers from identity theft.
Chapter Four Summary

Read Chapters 5 before next week’s lecture

Start developing a study guide for the Midterm Exam

Lesson 4: Analyzing and Comparing GLBA and HIPAA

Homework Assignments

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