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The Gramm Leach Bliley Act was given the seal of approval on November 12, 1999. Besides revamping the financial services industry the legislation also enacts laws premised upon the consumer’s privacy and confidentiality in the financial sense. It is the duty of the financial institution to grant a salient and precise notice delineating respective policies regarding privacy and general practices. Consumers and customers both receive such a privacy notice. We should not forget that there is certain data that has to be mentioned in the report. Going forward, we have the FTC Safeguard Rules which compels financial institutions to take steps in order to ensure the security of the customer’s data thus these institutions must land within the ambit of the FTC’s authority. To boot, such companies that assume the latter obligation also ensure that their affiliates and service providers preserve consumer data on their end as well and adhere to the requirements of FTC regarding the Do Not Call list.
Related Topics: What is the Gramm-Leach Bailey Act? What are Prohibited Acts? Explain the consequences of Violations of Gramm-Leach Bliley Act What is the Requirement for written privacy policy disclosures ? What are Acceptable delivery methods for a privacy notice?
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