Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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Financial institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to "opt out" if they don't want their information shared with certain third parties.
The regulation requires a financial institution to disclose its policies and practices for protecting the confidentiality, security, and integrity of nonpublic personal information about consumers (whether or not they are customers).
Section 501(b) requires financial institutions to establish and maintain a comprehensive information security program. This program must be designed to protect customer records and information from unauthorized access, use, or disclosure.
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.
The regulation requires a financial institution to disclose its policies and practices for protecting the confidentiality, security, and integrity of nonpublic personal information about consumers (whether or not they are customers).
The Financial Privacy Rule. The Financial Privacy Rule is another name for the GLBA's requirement that financial institutions must give customers and consumers the right to opt out, or not allow, a financial institution to share the customer/consumer's information with nonaffiliated third parties prior to sharing it.