GRAMM LEACH BLILEY ACT

 

The Gramm-Leach-Bliley Act: places significant restrictions on the use of customer information by those in the financial industry. Such financial institutions must disclose their privacy policies to their customers and develop and implement appropriate physical, technical and procedural safeguards to protect customer information. Financial Institutions are”companies that offer products or services to individuals, like loans, financial or investment advice or insurance” such as:

 

  • Banks/Credit Unions
  • Non-bank mortgage brokers
  • Financial or investment brokers
  • Insurance companies
  • Tax return preparers
  • Loan brokers
  • Real estate settlement service providers
  • Auto dealers that lease or finance
  • Retailers that issue their own credit cards