What is the Gramm-Leach-Bliley Act?

The Gramm-Leach-Bliley Act is a federal law that affects financial services companies in Kansas and throughout the United States. This act was passed into law in 1999. It was designed to modernize the financial services industry by repealing the Glass-Steagall Act of 1933. This legislation allowed commercial banks, investment banks, insurance companies, and other financial institutions to form conglomerates and expand their services. This act also has provisions that protect consumers’ financial information. It requires companies to tell customers about the information they collect and how it is used. It also requires companies to create a privacy policy that states how information is collected and shared with third parties. Furthermore, this legislation requires companies to take steps to ensure the security and confidentiality of customer information. The Gramm-Leach-Bliley Act is important for Kansas citizens because it provides important protections for their financial information. It also helps ensure that financial services companies are providing quality services and products. Overall, the act provides a more robust financial services industry that is better able to meet the needs of Kansas citizens.

Related FAQs

What are the U.S. banking laws?
What is the Truth in Savings Act?
What is the Home Mortgage Disclosure Act?
What is the Monetary Control Act?
What does a bank need to consider when making a loan?
What is the Fair and Accurate Credit Transactions Act?
What is the Bankruptcy Abuse Prevention and Consumer Protection Act?
What is the Electronic Signatures in Global and National Commerce Act?
What is the Electronic Signatures in Global and National Commerce Act?
What is the difference between a bank and a mortgage lender?

What is the Gramm-Leach-Bliley Act?

Related FAQs

Related Blog Posts