Exchange Currency

Gramm-Leach-Bliley Act

GLB Act or GLBA. Legislation that, on one hand, allows great freedom to financial institutions in offering a full range of services and, on the other hand, imposes strict controls on how institutions share or disclose personal financial information. Signed into law in 1999 by President Clinton, GLBA repeals the key provisions of the Glass-Steagall Act of 1933 and the Bank Holding Company Act of 1956 that barred banks from securities trading and insurance business. In its corporate aspect, the act introduces two new organization types - the financial holding company and the financial subsidiary. Under these provisions, banks, insurance companies, securities trading companies, and other types of financial institutions can together exist as one consolidated corporate entity. In its consumer aspect, the GLBA authorizes the states and eight federal agencies to monitor all collectors and holders of personal financial information, and to enforce the financial privacy rule, safeguards rule, and 'pretexting' (obtaining personal information under false pretext) rule. These rules apply also to any entity that offers any type of financial product or service, including brokers, debt collectors, credit counselors, financial advisors, small lenders, and tax-return preparers. The GLBA gives consumers some control over how their financial information is used and disclosed (beyond the purpose for it was collected) via the opt-out provision that lets them choose the option of not divulging this information.

Related information about Gramm-Leach-Bliley Act:
  1. Gramm–Leach–Bliley Act - Wikipedia, the free encyclopedia
    The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, ...
     
  2. Gramm-Leach-Bliley Act | BCP Business Center
    The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers ... Gramm-Leach-Bliley Act Legal Resources:Your Link to the Law ...
     
  3. Gramm-Leach-Bliley Act: Subchapter I: Disclosure of Nonpublic ...
    Sec. 6801. Protection of nonpublic personal information. (a) Privacy obligation policy. It is the policy of the Congress that each financial institution has an ...
     
  4. Gramm-Leach-Bliley Act of 1999
    11/17/99 - Effective Dates of Key Provisions in Gramm-Leach-Bliley Act. 11/12/99 - Gramm's Statement at Signing Ceremony for Gramm-Leach-Bliley Act ...
     
  5. EPIC - The Gramm-Leach-Bliley Act
    The GLBA primarily sought to "modernize" financial services--that is, end regulations that prevented the merger of banks, stock brokerage companies, and ...
     
  6. GRAMM–LEACH–BLILEY ACT - U.S. Government Printing Office
    PUBLIC LAW 106–102—NOV. 12, 1999. GRAMM–LEACH–BLILEY ACT. VerDate 11-MAY-2000. 15:09 Aug 30, 2000. Jkt 079139. PO 00102. Frm 00001 ...
     
  7. FDIC: Privacy Act Issues under Gramm-Leach-Bliley
    Jan 29, 2009 ... The FDIC has created this webpage to inform consumers about the Gramm- Leach-Bliley Act's (GLBA) consumer provisions to ensure that ...
     
  8. What is Gramm-Leach-Bliley Act (GLBA)? - Definition from WhatIs.com
    The Gramm-Leach-Bliley Act (GLB Act), also known as the Financial Modernization Act of 1999, is federal legislation enacted in the United States to control the ...