Full text and statutory guidelines for the Financial Services Modernization Act (Gramm-Leach-Bliley Act)
South Dakota Financial Services Modernization Act (Gramm-Leach-Bliley Act)
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Gramm-Leach- Bliley brought about sweeping deregulation to the financial services industry. In essence, Gramm -Leach-Bliley swept away almost six decades of financial services regulation precipitated by the Great Depression of the 1930s.
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.
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 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 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 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 ...