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| Business of Information Technology > Business Environment > Legal Environment > Laws > Federal Law > |
Gramm-Leach-Bliley Act
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ALSO CALLED: Gramm-Leach-Bliley Financial Services Modernization Act, GLBA, and Financial Services Modernization Act of 1999
DEFINITION: The Gramm-Leach-Bliley Act (GLB Act), also known as the Financial Modernization Act of 1999, is a federal law enacted in the United States to control the ways that financial institutions deal with the private information of individuals. The Act consists of three sections: The Financial Privacy Rule,
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GRAMM-LEACH-BLILEY ACT DEFINITION (continued): … The Gramm-Leach-Bliley Act (GLB Act), also known as the Financial Modernization Act of 1999, is a federal law enacted in the United States to control the ways that financial institutions deal with the private information of individuals. The Act consists of three sections: The Financial Privacy Rule, which regulates the collection and disclosure of private financial information; the Safeguards Rule, which stipulates that financial institutions must implement security programs to protect such information; and the Pretexting provisions, which prohibit the practice of pretexting (accessing private information using false pretenses). The Act also requires financial institutions to give customers written privacy notices that explain their information-sharing practices. Gramm-Leach-Bliley Act definition sponsored by SearchCIO.com, powered by WhatIs.com an online computer dictionary
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