Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
New York Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization Act of 1999, is a federal law enacted in the United States to control the ways financial institutions deal with the private information of individuals.
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.
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.
Privacy Rule: Ensuring the protection of consumers' personal financial information. Safeguards Rule: Requiring the establishment of security measures to prevent data breaches. Pretexting Provisions: Prohibiting deceptive methods of obtaining personal financial information.
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.
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.
Three key rules of the GLBA include: Privacy Rule: Ensuring the protection of consumers' personal financial information. Safeguards Rule: Requiring the establishment of security measures to prevent data breaches. Pretexting Provisions: Prohibiting deceptive methods of obtaining personal financial information.