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Shredding Services > Shredding Laws for the financial section from GLB
Gramm-Leach-Bliley Act
To create provisions to protect consumers' personal financial information held by financial institutions. Paper documents containing personal information should be protected when in use and safely destroyed when no longer current and or usable.
Applies to financial institutions which include banks, securities firms, insurance companies and any other company providing other types of financial products and services to consumers including lending, brokering or servicing any type of consumer loan, transferring money, safeguarding money, tax return preparation, financial advice, credit counseling, debt collection and more.
The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions "such as credit reporting agencies" that receive customer information from other financial institutions.
Identity Theft
#1 According to the FTC and the Better Business Bureau, approximately 9.3 million adults have been victimized by some form of identity theft annually.
#2 The Better Business Bureau reports that Identity Theft is more prevalent offline with paper than online.
#3 The Better Business Bureau estimates that over 80% of all identity theft comes from unsecured paper records. Less than 5% from online transactions.
#4 Along with federal and state fines, you can be sued by all parties injured as a result of identity theft. Each case typically results in a business paying out well over $150,000.