White Papers

Federal Government Enacts New Legislation to Ensure Privacy

• Tags:
• standards,
• privacy,
• institutions,
• sharing

Overview Gramm-Leach-Bliley is a Congressional Act that prohibits institutions that provide financial products or services from sharing a customer's "nonpublic personal information" with non-affiliated third parties (unless the institution first discloses its privacy policy to consumers and allows them to "opt out" of that disclosure). This act establishes minimum privacy standards. Under Title V - Privacy, covered financial institutions must establish standards for safeguarding customer records against unauthorized access or use by sources that could harm or inconvenience those customers.

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