Gramm-Leach-Bliley Act

(redirected from The Gramm-Leach Bliley Act)

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 ?
has spoken in support of amending the Gramm-Leach Bliley Act to require encryption.
Regulations such as the Gramm-Leach Bliley Act (GLBA) require financial institutions to design, implement and maintain safeguards to protect customer information.
Tizor's real-time monitoring of user activity around regulated information sets the standard for a reasonable level of care and is easily customized for the unique requirements of HIPAA, CA 1386/1950, Sarbanes-Oxley (SOX), the Gramm-Leach Bliley Act (GLBA), Visa CISP/PCI and others.
Wilber purchased ZixVPM(R) (Virtual Private Messenger), a system-wide email encryption service that includes a built-in personal financial lexicon that automatically encrypts emails containing information defined by the Gramm-Leach Bliley Act (GLBA) as personally identifiable financial data.
Increased regulations, such as the new FTC rule to guard against identity theft, as well as HIPAA, The Sarbanes-Oxley Act, and The Gramm-Leach Bliley Act, require asset tracking, as well as proper erasure of hard-drives.
Under regulations such as Sarbanes-Oxley and the Gramm-Leach Bliley Act, financial service firms are responsible for maintaining prudent security controls for regulated data, even when outsourcing key functions to Third-party Service Providers (TSPs).
By blocking the unauthorized transmission of sensitive information, FireLine can prevent identity theft and fraud while ensuring SMEs meet the privacy requirements mandated by government regulations including HIPAA, the Gramm-Leach Bliley Act, and the California Database Security Breach Notification Act (SB 1386).