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The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub. L. 106–102 (text), 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001).
The Gramm-Leach-Bliley Act has been the subject of much criticism as experts claim that the act provides weak protection due to its broad language. Without clear explanation and better defined language, the act is open to interpretation which will ultimately work against consumers. [6]
The Gramm-Leach-Bliley Act (GLA) is a federal law that was signed into effect on November 12, 1999. This act placed increased limits and requirements for data collection by financial institutions, as well as limited how that information could be collected and stored.
Gramm-Leach-Bliley Act: regulates financial institutions' use of nonpublic personal information. ... Examples of personal data protected include names, phone numbers ...
Congressional efforts to "repeal the Glass–Steagall Act", referring to those four provisions (and then usually to only the two provisions that restricted affiliations between commercial banks and securities firms), culminated in the 1999 Gramm–Leach–Bliley Act (GLBA), which repealed the two provisions restricting affiliations between ...
The Consumer Data Security and Notification Act amends the Gramm-Leach-Bliley Act to require disclosure of security breaches by financial institutions. Congressmen have also proposed "expanding Gramm-Leach-Bliley to all industries that touch consumer financial information, including any firm that accepts payment by a credit card."
The Gramm–Leach–Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106–102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed part of the Glass–Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies ...
The Gramm-Leach-Bliley Act [19] requires institutions "significantly engaged" [20] in financial activities give "clear, conspicuous, and accurate statements" of their information-sharing practices. The Act also restricts use and sharing of financial information. [21]