Gramm–Leach–Bliley Act

consumer’s fair option to enroll in a protection plan or opt out. The Gramm-Leach-Bliley Act (GLBA) implement the consumer’s rights against information data breaches. According to the book Security policies and procedures: Principles and practices states, “On November 11, 1999, the Glass-Steagall Act was repealed and the Gramm-Leach-Bliley Act (GLBA) was signed into law by President Bill Clinton. Also known as the Financial Modernization Act of 1999, GLBA effectively repealed the restrictions placed on banks

“Since the Gramm-Leach-Bliley Act (GLBA) was enacted in 1999, there has been increasing interest in Congress and significant sectors of the insurance industry to establish some form of federal insurance regulation” (Grace, & Klein, 2009). There are many different arguments for those opposed and those in favor of federal regulation. One main argument for federal regulation of insurance is that it would simplify insurance company’s rules. Companies today may have rules for specific states because

Introduction: GLB: The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization or Budgetary Modernization Act of 1999, is a federal law ordered in the United States to control the ways that financial institutions deal with the private information of individuals. Purpose: To protect the information or data financial institutions collect about customers. Detailed description: Gist: On May 23 2003 the demonstration's Safeguards Rule happened, compelling budgetary foundations

The 2008 financial crisis had multiple causes but the most outstanding to me is the passing of the Gramm–Leach–Bliley Act. This act repealed Glass – Steagall which removed the safeguards that came between commercial and investment banks. It destroyed regulation between the two and gave unprecedented “innovation” which allowed millions of Americans to purchase homes they couldn’t really afford. This created the American housing bubble that eventually popped do to citizens being unable to pay for their

(i) Glass-Steagall Act (1933) Great Depression At the time after the stock market crash (1929), during the Great Depression, most of the people agreed that the main cause for the event was the “improper banking activity” which was mainly seen as the bank involvement in the stock market investment. Banks were taking high risks in hope for rewards, they were “accused of being too speculative in the pre-Depression era” (HEAKAL, 2010, pg.1). They were not only investing their assets, but they

in collecting information about their customers and this would result in the Gramm-Leach-Bliley Act. Likewise, this act enabled the protection of financial privacy and increased confidentiality of an individual's information. From my perspective, this passage is about the meaning of the financial institution role in collecting information and exposing a customer to other businesses. Additionally, the Gramm-Leach-Bliley Act can ensure the protection of an individual's financial privacy. For instance

misinterpretation by exposure. The PCI-DSS was introduced by four prime credit card organizations in particular Visa, Master Card, Discover and American Express. Financial Sector: Summarize the main idea of Sarbanes-Oxley Act Section 404 The essential thought behind the Sarbanes-Oxley Act Section 404 is that an interior control

Within this writing assignment I will discuss the following regulatory requirements comprise of the Federal Information Systems Management Act (FISMA), Sarbanes-Oxley Act (SOX), Gramm-Leach-Bliley Act, Payment Card Industry Standards (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), and Intellectual Property Law. I will also discuss security methods and controls which should be applied to ensure compliance with the standards and regulatory requirements. I will explain the guidelines

he Gramm-Leach-Bliley Act, which is implemented by Regulation P, requires credit unions to provide their members with initial and annual privacy notices that inform members about the sharing of nonpublic personal information with third parties. The notices required by Regulation P must be clear and conspicuous, and disclose, in detail, the institution 's privacy policies. In addition to the annual privacy notice, credit unions are also required to inform members of their right to opt-out of the sharing

in place? If so, were policies put into place following the aftermath of the Great Depression. How was it possible that a crisis hit as hard as it did? The answer is simple, we had a policy that would have protected the economy known as the Banking Act of 1933 or popularly called the