Gramm-Leach-Bliley Act (GLBA)
The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization Act of
1999, is a federal law enacted in the United States to control the ways that financial institutions
deal with the private information of individuals. The Act consists of three sections: The Financial
Privacy Rule, which regulates the collection and disclosure of private financial information; the
Safeguards Rule, which stipulates that financial institutions must implement security programs to
protect such information; and the Pretexting provisions, which prohibit the practice of pretexting
(accessing private information using false pretenses). The Act also requires financial institutions
to give customers written privacy notices that explain their information-sharing practices.
Learn more about GLBA compliance at
SeachCompliance.com.
This was last updated in November 2010
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