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.
At its core, the rule calls for organizations to establish a robust information security program, maintain an IT asset inventory, continuously assess risks across covered business units and third parties, and provide board-level reporting.
The FTC is one of the federal agencies that enforces provisions of Gramm-Leach Bliley, and the law covers not only banks, but also securities firms, and insurance companies, and companies providing many other types of financial products and services.
The GLBA is enforced by the FTC, the federal banking agencies, and other federal regulatory authorities, as well as state insurance oversight agencies. What is GLBA Compliance? (Understand Requirements) digitalguardian.com ? blog ? what-glba-com... digitalguardian.com ? blog ? what-glba-com...
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.
President Bill Clinton GLBA supporters contend that not passing GLBA, or later repealing it, would not have prevented the financial crisis, which resulted from bad investments by large, poorly capitalized financial institutions. President Bill Clinton signed the Financial Services Modernization Act into law on November 12, 1999. The Financial Services Modernization Act of 1999 duke.edu ? legislative-memos duke.edu ? legislative-memos
Privacy and Security 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. Gramm-Leach-Bliley Act | Federal Trade Commission ftc.gov ? business-guidance ? privacy-security ftc.gov ? business-guidance ? privacy-security
The Financial Services Modernization Act?or the Gramm-Leach-Bliley Act?is a law passed in 1999 that partially deregulates the financial industry. The law repealed big parts of the Glass-Steagall Act of 1933, which had separated commercial and investment banking. Financial Services Modernization Act of 1999 - Investopedia Investopedia ? terms ? financial-servi... Investopedia ? terms ? financial-servi...