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 ?
In separate notices to be published in the Federal Register shortly, the FTC is seeking comment on proposed changes to the Safeguards Rule and the Privacy Rule under the Gramm-Leach-Bliley Act. The Safeguards Rule, which went into effect in 2003, requires a financial institution to develop, implement, and maintain a comprehensive information security program.
For several years, the Department of Education has published "Dear Colleague" letters ( that make it clear that institutions of higher education accepting Title IV federal aid are expected to comply with federal cybersecurity regulations, such as the Gramm-Leach-Bliley Act and the Federal Trade Commission's Red Flags Rule.
In addition, Venmo allegedly misrepresented the extent to which consumers' financial accounts were protected by "bank grade security systems," and violated the Gramm-Leach-Bliley Act's Safeguards and Privacy Rules, according to the complaint.
4 signed into law a highway authorization bill that includes an amendment to the Gramm-Leach-Bliley Act that positively impacts real estate appraisers.
In his testimony on a panel that included witnesses from Intel Corporation, the National Small Business Association and the National Cybersecurity Institute, Berger cited the 1999 Gramm-Leach-Bliley Act, which required credit unions to maintain data security standards.
Morgan Stanley and Goldman have legal protection included in a clause in the 1999 landmark Gramm-Leach-Bliley Act.
For more than 15 years, the Gramm-Leach-Bliley Act (GLBA) has governed data security in the banking industry.
Summary: For more than 15 years, the Gramm-Leach-Bliley Act (GLBA) has governed data security in the banking industry.
In general, if financial abuse is suspected, financial professionals can report the misconduct without violating privacy provisions under the Gramm-Leach-Bliley Act (GLBA).
Phil Gramm, R-Texas, and helped write the Gramm-Leach-Bliley Act, which the insurance industry sought as a means of keeping banks out of their business.
Accordingly, this empirical note investigates factors influencing the bank failure rate over the period 1970 through 2008, with emphasis on a major banking statute, namely, the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLBA), a statute that essentially repealed the Glass-Steagall Act of 1933.
Some of the roots of the current financial crisis started taking hold in 1999 when Congress passed the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act. Gramm-Leach-Bliley brought about sweeping deregulation to the financial services industry.