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Gramm-Leach-Bliley Act

The Gramm-Leach-Bliley Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule.

These two regulations apply to “financial institutions,” which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers.

Among these services are lending, brokering or servicing any type of consumer loan, transferring or safeguarding money, preparing individual tax returns, providing financial advice or credit counseling, providing residential real estate settlement services, collecting consumer debts and an array of other activities. Such non-traditional “financial institutions” are regulated by the FTC.

The Financial Privacy Rule governs the collection and disclosure of customers’ personal financial information by financial institutions. It also applies to companies, whether or not they are financial institutions, who receive such information. For a summary overview of the Financial Privacy Rule,  see In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act.

The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions “such as credit reporting agencies” that receive customer information from other financial institutions.

The Financial Modernization Act of 1999, also known as the “Gramm-Leach-Bliley Act” or GLB Act, includes provisions to protect consumers’ personal financial information held by financial institutions. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and pre-texting provisions.

The Pretexting provisions of the GLB Act protect consumers from individuals and companies that obtain their personal financial information under false pretenses, a practice known as “pretexting.”

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PROSHRED® Fort Lauderdale - Paper Shredding Services
5217 NW 35TH Ave.
Fort Lauderdale, FL 33309

Call: 1-954-507-0211

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I'm pleased to confirm receipt of your paid invoice and want to thank you for the service. Your driver, Emilio, called in advance to let me know approximately when to expect him, and when he arrived he was most professional, careful and thorough. I'm a semi-retired lawyer and, even though my job, in comparison to your usual jobs, was a small one, I could not be more satisfied. As I mentioned to Emilio, I can see why your service is rated the best of the professional shredding services in South Florida. You should know that I will highly recommend your service to my professional colleagues or to anyone else who needs professional shredding. Thank you. Bill Ploss

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