Gramm-Leach-Bliley Act

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Financial Services Modernization Act of 1999

Legislation in the United States that deregulated much of the American financial industry. It permitted banks, insurance companies and investment banks to offer each other's products for the first time since the Great Depression. That is, the same companies could offer insurance, brokerage services and/or regular banking services. The legislation resulted in a great deal of consolidation in the financial sector. Critics maintain that it caused banks to take on unnecessary risks that led to the late 2000s recession. It is more commonly called the Gramm-Leach-Bliley Act after its principal authors.

Gramm-Leach-Bliley Act

Contains privacy provisions regarding consumers' financial information.Financial institutions are required to provide information to their customers regarding information-gathering and information-sharing practices.Consumers may opt out if they do not want their information shared with nonaffiliated third parties.

References in periodicals archive ?
By arming financial institutions with more effective and efficient managed network security services, SECNAP saves organizations significant time and money, allows internal IT staff to focus on other mission critical IT projects and brings the organization in compliance with the Gramm-Leach-Bliley Act.
Gramm-Leach-Bliley explicitly invited states to enact stricter laws than its "opt-out" clause.
Various federal agencies that regulate the financial services industry were required by Congress to adopt rules to implement the privacy standards of the Gramm-Leach-Bliley Act.
The Gramm-Leach-Bliley Act was passed after Wall Street and the banking, insurance and brokerage industries--led by banks--pumped millions of dollars into lobbying and political contributions.
Among its provisions, Gramm-Leach-Bliley requires financial institutions to allow consumers to prevent the sharing of their personal information with other non-affiliated companies by "opting out" of such transactions.
All META Security Group service packages include a Gramm-Leach-Bliley Act compliance review that incorporates both internal and external vulnerability assessments, prioritized recommendations regarding compliance, and information on how to fix network vulnerabilities.
2387, which would amend the privacy provision of the Gramm-Leach-Bliley Act applicable to CPAs.
Under the Gramm-Leach-Bliley Act of 1999, financial institutions must give customers written notice of their privacy policies and practices, including information on how to request that personal information not be shared with other organizations or individuals.
Gordon worked on the Gramm-Leach-Bliley financial-services reform act, which was passed in 1999, and a number of other bills on c-commerce, liability reform and health care.
The Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC) (collectively, the "Agencies") are amending their uniform regulations implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act) to effectuate the amendment contained in section 106 of the Gramm-Leach-Bliley Act of 1999.
announced today the release of Privacy Laws and Practices: Applying the Gramm-Leach-Bliley Act to the Insurance Industry, an interactive, online training course providing instruction to insurance industry employees regarding customer privacy provisions as set forth in the Gramm-Leach-Bliley Act.
It is ideal for use in markets with strict regulatory compliance requirements for privacy and/or auditability of sensitive information, such as financial markets complying with Sarbanes-Oxley or the Gramm-Leach-Bliley Act or healthcare markets complying with the Health Insurance Portability and Accountability Act (HIPAA).