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.
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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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
749, the "Eliminate Privacy Notice Confusion Act," which amended the Gramm-Leach-Bliley Act.
In April, the ABA and the New York State Bar Association were successful in their lawsuit challenging the FTC's decision that lawyers are subject to the privacy provisions of the Gramm-Leach-Bliley Act if, as part of their law practice, they provide real estate, tax, estate planning, or other financially related legal advice to individuals.
The federal Health Insurance Portability and Accountability Act (HIPAA) and Gramm-Leach-Bliley Act have dictated how the medical and financial services industries, respectively, handle personal information.
It would block states from enacting laws to change the information-sharing system set up in the Gramm-Leach-Bliley Act of 1999.
On the other hand, legislation such as Gramm-Leach-Bliley and Health Insurance Portability and Accountability Act (HIPAA) are forcing the issue of information destruction on the financial and healthcare worlds.
One is the Gramm-Leach-Bliley Act (GLBA) of 1999, which legislated sweeping changes within financial services sectors, among them the protection of non-public personal financial data.
"His bill would overturn the privacy constraints in Gramm-Leach-Bliley and the Health Insurance Portability and Accountability Act before we have sufficient information on how well these provisions have functioned."
The book contains analysis of the impact of 16 relevant statutes, ranging from the Civil Rights Act of 1866 to the Gramm-Leach-Bliley Act of 1999, on the banking insurance and real estate industries.
UB: Except for the Health Insurance Portability and Accountability Act, which protects the privacy of health records, and the Gramm-Leach-Bliley Act, aimed at protecting financial in-formation, the government seems to have left network security in the hands of the schools.
Louis on Thursday affirmed a district court ruling that the Gramm-Leach-Bliley Act of 1999 has indeed removed state constitutional limits from bank interest rates.
The study concluded that the proposal to amend the 1999 Gramm-Leach-Bliley Act, allowing banks to conduct real estate-related business would increase predatory lending and prove harmful to consumers.