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 ?
Since implementation of the Gramm-Leach-Bliley Act in 1999, many real estate appraisers have included general privacy notices in their reports, mostly out of caution and potentially pursuant to contractual agreements with clients, and may continue to do so.
The NRF released a statement on March 16 in response to a number of proposals before Congress looking to expand the FTC's authority to retailers and other businesses, similar to its current obligations for the financial industry under Gramm-Leach-Bliley.
In 1999, the Financial Services Modernization Act--more popularly known as the Gramm-Leach-Bliley Act--passed with an overwhelming, bipartisan vote and was signed into law by President Bill Clinton.
Melancon said that the AICPA had worked with lawmakers since enactment of the Gramm-Leach-Bliley Act to achieve the change, which was possible because CPAs are certified or licensed by state boards of accountancy and are already subject to state laws and regulations that prohibit disclosure of nonpublic personal information without the expressed consent of the client.
They won't have to send Gramm-Leach-Bliley Act privacy notices out this year.
Besides a confidential background screening, the Association's new program requires training and an examination on both Gramm-Leach-Bliley and
Until that time, Walton's order is in effect, and the FTC will not enforce the Act against attorneys engaged in the practice of law; and attorneys who in the course of their law practices choose not to comply with the privacy provisions of the Gramm-Leach-Bliley Act need not fear enforcement actions or investigations by the FTC.
Ruling on motions to dismiss by the FTC in suits brought by the ABA and the New York State Bar Association, the court held that Congress did not intend the privacy provisions of the Gramm-Leach-Bliley Act to apply to attorneys who provide legal services, noting in particular those who practice in the fields of real estate settlement, tax planning, and tax preparation.
With the passage of HIPAA and the Gramm-Leach-Bliley Act, businesses are under increasing pressure to take the necessary steps to protect privacy as they make greater use of more efficient electronic information processing," said Steve Crawford, chief marketing officer of PKWARE.
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 IRS has received inquiries from practitioners and return preparers on the effect of the Gramm-Leach-Bliley Act (Act) on Sec.
Pete Sessions (R-TX) respectively, would amend the privacy provisions of the Gramm-Leach-Bliley Act--the financial services law approved in the last congressional session--but one bill would strengthen privacy rights, while the other would preserve the status quo.