What is Gramm Leach Bliley Act
The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization Act of 1999, is a federal law created to control and monitor how financial organizations in the United States handle the private information of their clients. The act requires these financial organizations to provide customers with written privacy notices that explain the information sharing practices of the organization. Additionally, GLBA consists of three sections:
- Financial Privacy Rule – This regulates how private information is collected and disclosed.
- The Safeguards Rule – This dictates that financial organizations must implement certain security programs and protocols to protect this private information.
- The Pretexting Provisions – This prohibits the act of pretexting, which is accessing private information using false pretenses.
The Gramm-Leach-Bliley Act was created to make sure that financial organizations keep their clients information protected and holds the organization accountable if they mishandle this private information.
The act applies to the following financial institutions/companies:
- Securities Firms
- Insurance Companies
- Mortgage Lenders/Brokers
- Accountants/Tax Return Managers
- Financial Advisors
- Credit Counseling
- Debt Collection
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