Gramm-leach bliley act pdf

Title i facilitating affiliation among banks, securities firms, and insurance companies repeals the restrictions on banks affiliating with securities firms contained in sections 20 and 32 of the glasssteagall act. The rule was the product of an interagency working group, and similar rules were issued by the federal trade commission, the securities and exchange commission, the commodity futures trading commission and the national credit union administration. Grammleachbliley act glba safeguards rule reference guide university of minnesota updated may 2012 for more information contact the controllers office at. Although the glb act does not prohibit a financial institution from disclosing nonpublic personal information about a consumer to affiliated parties or require a. Pdf this paper examines the impact of grammleachbliley act across three main sectors of the financial services industry. The grammleach bliley act requires that financial institutions act to ensure the confidentiality and security of customers nonpublic personal information, or npi. The investment advisers act of 1940, referred to in subsec. For complete classification of this act to the code, see section 80a51 of this title and tables. Nonpublic personal information includes social security numbers, credit and income histories, credit and bank card account numbers, phone numbers, addresses. Grammleach bliley act model privacy forms equal credit opportunity act secure and fair enforcement for mortgage licensing act. Glba1 governs the treatment of nonpublic personal information about consumers by financial institutions.

The grammleachbliley act was enacted on november 12, 1999. The grammleachbliley act largely amended other acts. How to comply with the privacy of consumer financial. The grammleachbliley act glba, also known as the financial services modernization act of 1999 is an act of the 106th united states congress. Grammleach bliley act glba that protect the privacy of consumers nonpublic personal information. The undersigned organizations reserve the ability to offer comments on other provisions in the draft act during further deliberations of the drafting committee, including the section providing a private right of action. Pdf the impact of the grammleachbliley act on the financial. Grammleachbliley act glba safeguards rule reference. Model form with no optout by telephone andor online. Model privacy forms consumer financial protection bureau. The grammleachbliley act of 1999 glba was a bipartisan regulation under president bill clinton, passed by congress on november 12, 1999. Be it enacted by the senate and house of representatives of the. Grammleachbliley act disclosure of nonpublic personal.