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Rules and Regulations 

Description of the Projected reporting, recordkeeping and other compliance requirements of the rule, including requirements of the rule, including an estimate of the classes of small entities that will be type of professional skills necessary for preparation of the report or record 

Part 314 – Standards for Safeguarding Customer Information 

§ 314.1           Purpose and scope. 

(a)     Purpose. This part, which implements section 501 and 505(b)(2) of the Gramm-Leach-Bliley Act, sets forth standards for developing, implementing, and maintaining reasonable administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information.(b)     Scope. This part applies to the handling of customer information by all financial institutions over which the Federal Trade Commission (“FTC” or “Commission”) has jurisdiction. This part refers to such entities as “you.” This part applies to all customer information in your possession, regardless of wheter such information pertains to individuals with whom you have a customer relationship, or pertains to the customers of other financial institutions that have provided such information to you. 

§ 314.2           Definition. 

(a)     In general. Except as modified by this part or unless the context otherwise requires, the terms used in this part have the meaning as set forth in the Commission’s rule governing the Privacy of Consumer Financial Information, 16 CFR part 313.(b)     Customer information means any record containing non-public personal information as defined in 16 CFR 313.3(n), about a customer of a financial institution, wheter in paper, electronic, or other form, that is handled or maintained by or on behalf of you or your affiliates.(c)     Information security program means the administrative, technical, or physical safeguards you use to access, collect, distribute, process, protect, store, use, transmit, dispose of, or otherwise handle customer information.(d)     Service provider means any person or entity that receives, maintains, processes, or otherwise is permitted access to customer information through its provision of services directly to a financial institution that is subject to this part. 

§ 314.3           Standards for safeguarding customer information. 

(a)     Information security program. You shall develop, implement, and maintain a comprehensive information security program that is written in one or more readily accessible parts and contains administrative, technical, and physical safeguards that are appropriate to your size and complexity, the nature and scope of your activities, and the sensitivity of any customer information at issue. Such safeguards shall include the elements set forth in § 314.4 and shall be reasonably designed to achieve the objectives of this part, as set forth in paragraph (b) of this section.(b)     Objectives. The objectives of section 501(b) of the Act, and of this part, are to:(1)     Insure the security and confidentiality of customer information;(2)     Protect against any anticipated threats or hazards to the security or integrity of such information; and(3)     Protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer. 

§ 314.4           Elements 

             In order to develop, implement, and maintain your information security program, you shall:(a)     Designate an employee or employees to coordinate your information security program.(b)     Identify reasonably foreseeable internal and external risks to the security, confidentiality, and integrity of customer information that could result in the unauthorized disclosure, misuse, alternation, destruction or other compromise of such information, and assess the sufficiency of any safeguards in place to control these risks in each relevant area of your operations, including:(1)     Employee training and management;(2)     Information systems, including network and software design, as well as information processing, storage, transmission and disposal; and (3)     Detecting, preventing and responding to attacks, intrusions, or other systems failures.(c)     Design and implement information safeguards to control the risks you identify through risk assessement, and regularly test or otherwise monitor the effectiveness of the safeguards’ key controls, systems, and procedures.(d)     Oversee service providers, by(1)     Taking reasonable steps to select and retain services that are capable of maintaining appropriate safeguards for the customer information at issue; and(2)     Requiring your service providers by contract to implement and maintain such safeguards.(e)     Evaluate and adjust your information security program in light of the results of the testing and monitoring required by paragraph (c) of this section; any material changes to your operations or business arrangements; or any other circumstance that you know or have reason to know may have a material impact on your information security program. 

Notice as of; May 23, 2002 / Rules and Regulations


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 Explore banking and bill paying over the Internet:

Online banking lets you review deposits and withdrawals, keep track of your balance, and transfer funds between linked accounts 24 hours a day, seven days a week. Most banks also allow you to pay bills quickly and easily online by keying in a few details and clicking “OK.” Online bill paying often is either free of charge or for a fee that is usually less than what you’d spend on postage.

In addition, “the ability to monitor your account any time, without having to wait for a monthly statement in the mail, enables you to quickly theft,” said Michael Jackson, an Associate Director of the FDIC’s Division of Supervision and Consumer Protection. “And the sooner you spot a problem, the easier it should be to fix.”

You can even use the Internet to fill out a loan application from home, when and where it’s convenient for you. “Most consumer like to finalize a loan in person, at the bank, with a pen and a handshake, ” said Weatherby. “But it’s a big plus being able to take care of the bulk of the preliminary work at your leisure and at home, where you already have the income and expense records you may need, and where you can send encrypted information securely over the Internet to your bank.”

Use the Web to comparsion shop for financial services.

The Internet also lets you research products and services among hundreds of financial institutions any time of day without ever leaving home. “And the more information available to the public, the more competition there is, and that can mean better prices for consumers,” said Saxinger.

Remember, though, that not all Web sites and e-mail advertisements are from reputable companies, and some may be the clever work of crooks attempting to obtain personal information they can use to commit fraud. See the FDIC Consumer News  for some reminders about how to protect against scams.

Final Thoughts

We hope we’ve given you some new ideas you can use to simplify your financial life. If you’re not sure what’s best for you, speak with a bank representative or a trusted advisor. Also consider starting small, maybe with one or two new ways of doing things that are easy and not too intimidating at first. And remember that if you need more guidance about your consumer protections, the government agencies listed on; can help further simplyfy your life with reliable help and information.

Resource – Receive information on such topics; FDIC Consumer News

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