GLBA


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GLBA

(Gramm-Leach-Bliley Act) Enacted in 1999 and effective mid-2001, the GLBA (officially the Financial Services Modernization Act of 1999) stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. In addition, the Act requires data subjects to be informed of privacy policies and to have an opportunity to inspect and correct their own records. For more information, visit www.ftc.gov/privacy/privacyinitiatives/glbact.html and www.fmcenter.org/fmc_superpage.asp?ID=394. See privacy.
References in periodicals archive ?
The GLBA introduced the FHC, a separate form of BHC for companies wishing to expand beyond the business of banking and closely related activities to a broader array of financial services.
Those activities were already permissible prior to GLBA.
The intent of the GLBA is to protect the customers of financial institutions from invasions of their privacy.
Gregory, who wrote the opinion in which Luttig concurred, said Cline and the insurers "are correct in their assertion that the GLBA does not give the OCC express power of interpretation.
The GLBA aims to: 1) provide financial services companies with a more level playing field, 2) allow U.
GLBA significantly altered the legal framework governing the permissible affiliations and activities of U.
Special event programs also include an intensive one-day summit focused on how to implement and maintain compliance with SOX, HIPAA, GLBA and other existing and emerging laws, and a CISO Executive Summit, where attendees will discover how their peers from diverse industries tackle and manage their security challenges.
In GLBA, Congress included protections that allowed consumers to determine when personal financial information could be shared among financial service institutions.
In addition, the GLBA authorized the agencies to issue joint rules implementing the FCRA.