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The Gramm-Leach-Bliley Act: Financial Privacy Rule and Safeguards Rule

Title:The Gramm-Leach-Bliley Act: Financial Privacy Rule and Safeguards Rule (ID: CSD2866)
Topics:Data Security, GLB Act, Privacy
Origin:Community Contributions (2003)
Type:Government Documents, Laws, Testimonies or Reports, Web Sites
Abstract:The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act" or GLB Act, includes provisions to protect consumers' personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pretexting provisions. The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to "financial institutions," which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. As part of an effort to educate consumers and businesses about the importance of personal information privacy, including the security of personal information, the Federal Trade Commission (FTC) has created this web site on financial privacy.
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