Gramm-Leach-Bliley Act (GLBA)
From lawbrain.com
GLBA is a U.S. federal law that protects personal financial information held by financial institutions.<span style="font-weight: bold;" />
Contents |
Overview
Gramm-Leach-Bliley Act (GLBA)[1], also known as the Financial Modernization Act of 1999, restricts financial institutions with regard to the handling of individuals' personal financial information.
Privacy Rule
The collection and disclosure of customer personal financial information held by financial institutions is governed by the GLBA Privacy Rule[2]. 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.
Safeguards Rule
The requirement for financial institutions to design, implement and maintain safeguards to protect customer personal financial information is found in the GLBA Safeguards Rule[3]. 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.
Pretexting
GLBA protect consumers from pretexting,[4]a practice where individuals and companies obtain, under false pretenses, the personal financial information of an individual.
Cases
IRSG v. FTC
Trans Union v. FTC
References
- ↑ 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
External Links
- 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
Related Resources on FindLaw
Related Blogs on FindLaw
- Gramm-Leach-Bliley Act (GLBA) - Definition, Court Cases ...
- GLBA is a U.S. federal law that protects personal financial information held by financial institutions.<span style [?]
- Congress Passes Financial Services Modernization Act of 1999
- The Act's stated purpose is to enhance competition in the financial ... Reaffirms the McCarran-Ferguson Act recognizing the primacy and legal authority ... [?]
- Highlights of the "Gramm-Leach-Bliley Act"ÃÂClient Alert ...
- Highlights of the "Gramm-Leach-Bliley Act"ÃÂClient Alert: December 1999 ... The Act consists of seven separate titles covering bank, insurance and ... [?]
- FindLaw's Writ - Sinrod: A Federal Court Rules That A ...
- FindLaw | Legal News & Information. ... Guin's lawsuit was the allegation that under the Gramm-Leach-Bliley Act, Brazos had a heightened duty to protect customer ... [?]
- Video: Legal Records Management & Technology - eDiscovery ...
- The following FindLaw video introduces this initial topic of legal records ... Accountability Act (HIPPA) Financial Services Modernization of 1999 (Gramm-Leach-Bliley) ... [?]
Web Services by Yahoo!
See Also
Contributors
