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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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.
Under the GLB, financial institutions must provide their clients a privacy notice that explains what information the company gathers about the client, where this information is shared, and how the company safeguards that information.
The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999. It is a United States federal law that requires financial institutions to explain how they share and protect their customers' private information.
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.
INTRODUCTION. The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a "financial institution" may disclose a consumer's "nonpublic personal information" to nonaffiliated third parties.
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, was passed in November 1999. The law repealed the Glass-Steagall Act of 1933, which limited securities activities within commercial banks and interactions between commercial banks and securities firms.
Financial Holding Companies are allowed to engage in ?any activity that is financial in nature.? Since the GLBA was passed, financial holding companies were now able to get involved with other activities which include, but not necessarily limited to, 'loan making and deposit taking, insurance underwriting and other ...
The Financial Services Modernization Act of 1999 (also known as Gramm-Leach-Bliley Act (GLBA)) governs the use, sharing, and collection of financial information. It requires ?financial institutions? to take steps to protect customers' nonpublic personal information.