The Gramm-Leach-Bliley Act (GLBA) is a U.S. federal law that regulates how financial institutions handle an individual’s private information. The act is also known as the Financial Modernization Act of 1999. It consists of three sections. The first is the Financial Privacy Rule, which is designed to regulate the collection and sharing of private financial information. The second section is called the Safeguards Rule, which requires financial institutions to have security measures in place to protect this financial information for threats and breaches. The third section is the Pretexting provision, which prohibits financial institutions from accessing private information under false pretenses. Financial institutions are also required to provide written privacy notices and information to explain their information-sharing practices with customers.
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