THE LAW

• HIPAA (Health Insurance Portability and Accountability Act): Essentially this is an act that has been passed ensuring that patient records remain private and do not become part of the public domain. The government imposes severe penalties for not complying. It is administered by the U.S. Department of Health and Human Services (HHS) and it is enforced by the U.S. Office of Civil Rights.

• GLB (Gramm Leach Bliley): places significant restrictions on the use of customer information by those in the financial industry (especially banks, mortgage and finance companies, brokers and underwriters, securities and investment firms and non-bank financial service firms). These restrictions recognize that non-public personal, financial, and health information must be safeguarded and include proper disposal procedures.

oGLB LINKS:
- http://banking.senate.gov/conf/confrpt.htm
- http://www.ftc.gov/privacy/glbact

• FACTA (Fair and Accurate Credit Transaction Act): It contains a number of rules designed to combat consumer fraud, identity theft and similar crimes. This act has provisions designed to help its victims. Generally, the act requires the destruction of sensitive consumer information.

o It Applies to Virtually Every Person and Business in the United States.
o It Requires the Destruction of all Consumer Information before it is discarded.
o Potentially Severe Penalties Await Violators