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The Gramm-Leach Bliley ActNavigation: Home > Banking Law> Gramm-Leach Bliley Act
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The Gramm-Leach Bliley Act, passed under President Clinton, requires financial institutions, including colleges and universities, to develop, implement, and maintain a comprehensive written information security program that contains administrative, technical, and physical safeguards appropriate to the size and complexity of the institution, the nature and scope of its activities, and the sensitivity of any customer information issue. The Gramm-Leach-Bliley Act establishes, for the first time, a minimum federal standard of financial privacy. It empowers consumers to prohibit their financial institutions from sharing information with most outside parties. |
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