What is the main purpose of the Gramm-Leach-Bliley Act?

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

What does the Gramm-Leach-Bliley Act say?

INTRODUCTION. The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a “financial institution” may disclose a consumer’s “nonpublic personal information” to nonaffiliated third parties.

What is the Gramm-Leach-Bliley Act quizlet?

Gramm-Leach-Bliley Act. ensure that financial institutions, including mortgage brokers and lenders, protect nonpublic personal information of consumers. Regulatory Agency. CFPB is responsible for implementation and enforcement of the law and the GLB Act regulations, which are known as Regulation P.

What is the main purpose of the Gramm-Leach-Bliley Act quizlet?

The GLBA’s purpose was to remove legal barriers preventing financial institutions from providing banking, investment and insurance services together.

When did the Gramm-Leach-Bliley Act go into effect?

November 12, 1999
1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001)….Gramm–Leach–Bliley Act.

Which of the following agencies is responsible for enforcing GLBA?

Agency enforcement The CFPB has responsibility for enforcing the GLBA Privacy Rule against banks and non bank financial institutions with more than $10 billion in assets.

When was the Gramm-Leach-Bliley Act passed?

113 STAT. 1346 PUBLIC LAW 106–102—NOV. 12, 1999 the Gramm-Leach-Bliley Act and to protect depository institutions.

What is GLBA Title V (GLBA)?

Title V, Subtitle A of the Gramm-Leach-Bliley Act (“GLBA”) 1 governs the treatment of nonpublic personal information about consumers by financial institutions.

What does the FAST Act mean for GLBA?

(“FAST Act”) amended section 503 of GLBA to establish an exception to the annual privacy notice requirements whereby a financial institution that meets certain criteria is not required to provide an annual privacy notice to customers. The amendment was effective upon enactment.

What is the table of contents for the Glass-Steagall Act?

(b) Table of Contents.–The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I–FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND INSURANCE COMPANIES Subtitle A–Affiliations Sec. 101. Glass-Steagall Act repeals.