How To Comply with the Privacy of Consumer Information Rule of the Gramm-Leach-Bliley Act

March 27, 2018

Institutions covered by the Gramm-Leach-Bliley Act must tell their customers about their information-sharing practices and explain to customers their right to “opt out” if they don’t want their information shared with certain third parties. Is your company following the requirements of the Privacy Rule?

About The GLB Act

The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Act’s financial privacy provisions (GLB Act). The regulations required all covered businesses to be in full compliance by July 1, 2001.

The FTC is responsible for enforcing its Privacy of Consumer Financial Information Rule (Privacy Rule).

For more information on the Gramm-Leach-Bliley Act please visit the FTC website www.ftc.gov/tips-advice/business-center/guidance/how-comply-privacy-consumer-financial-information-rule-gramm

The information provided in this article is for general informational and educational purposes only, and is not a substitute for legal advice. Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate legal professionals or licensed attorneys.