Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
Arizona Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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The act was passed in late 1999 and allows banks to offer financial services previously forbidden by the Glass-Steagall Act. Under the GLBA, each manager or service-person is only allowed to sell or manage one type of financial product/instrument.
The Financial Services Modernization Act of 1999 is a law that serves to partially deregulate the financial industry. The law allows companies working in the financial sector to integrate their operations, invest in each other's businesses, and consolidate.
To be GLBA compliant, financial institutions must communicate to their customers how they share the customers' sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers' private data in ance with ...
The Financial Services Modernization Act of 1999 is a law that serves to partially deregulate the financial industry. The law allows companies working in the financial sector to integrate their operations, invest in each other's businesses, and consolidate.
The Gramm-Leach-Bliley Act requires financial institutions ? companies that offer consumers financial products or services like loans, financial or investment advice, or insurance ? to explain their information-sharing practices to their customers and to safeguard sensitive data.
The three sections include the following: Financial Privacy Rule. This rule, often referred to as the Privacy Rule, places requirements on how organizations may collect and disclose private financial data. ... Safeguard Rule. ... Pretexting Rule.
Examples of activities that GLB would apply to include administering financial aid, processing of credit card information, and collecting of any other form of customer financial information. University units must document all such collection and processing activities.
The Gramm Leach Bliley Act (GLBA) is a comprehensive, federal law affecting institutions. The law requires financial institutions to develop, implement and maintain administrative, technical and physical safeguards to protect the security, integrity andconfidentiality of customer information.
