Institutions participating in the Title IV, HEA programs (including third-party servicers) with fiscal year (FY) ending on or after December 31, 2019, may want to (with emphasis) read the U.S. Department of Education's (Department) recent announcement posted this past Friday, February 28, 2020 to ensure you're complying with the Gramm-Leach-Bliley Act (GLBA) requirements.
This will help you avoid audit findings and any potential fines or administrative action(s) due to noncompliance. However, at this time of year, annual compliance audits for FY-ending December 31, 2019 are already under way for many institutions...Regardless, we encourage that you review prior letters provided below, as referenced in the recent announcement for a comprehensive understanding of all requirements described:
October 30, 2019 - Department's Dear CPA letter
July 29, 2015 - Dear Colleague Letter GEN-15-18
July 1, 2016 - Dear Colleague Letter GEN-16-12
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