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Gramm-Leach-Bliley Act (GLBA)
GLBA is a U.S. federal law that protects personal financial information held by financial institutions.<span style="font-weight: bold;" />
Gramm-Leach-Bliley Act (GLBA), also known as the Financial Modernization Act of 1999, restricts financial institutions with regard to the handling of individuals' personal financial information.
The collection and disclosure of customer personal financial information held by financial institutions is governed by the GLBA Privacy Rule. Financial instiutions are required to give their customers privacy notices that explain the instiution's information collection and sharing practices. Customers are able to opt-out of some of the information sharing practices. The Privacy Rule also applies to any company that receives personal financial information and limits their use of such information.
The requirement for financial institutions to design, implement and maintain safeguards to protect customer personal financial information is found in the GLBA Safeguards Rule. The Safeguards Rule applies to all financial institutions that collect their customers' information and those institutions that receive this information from another financial institution. Financial institutions are required to have a security plan in place to protect the confidentiality and integrity of customer personal financial information.
GLBA protect consumers from pretexting,a practice where individuals and companies obtain, under false pretenses, the personal financial information of an individual.
IRSG v. FTC
Trans Union v. FTC
- ↑ http://hdl.loc.gov/loc.uscongress/legislation.106s900
- ↑ http://www.ftc.gov/privacy/privacyinitiatives/financial_rule_lr.html
- ↑ http://www.ftc.gov/privacy/privacyinitiatives/safeguards_lr.html
- ↑ http://www.ftc.gov/privacy/glbact/glbsub2.htm
- EPIC: The Gramm-Leach-Bliley Act
- In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act
- Financial Privacy Rule: Business Guidance
- Pretexting: Your Personal Information Revealed
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