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Asked by Elizabeth McGee on May 20, 2024

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As set forth in the text, what does the Financial Services Modernization Act, also known as the Gramm-Leach Bliley Act provide regarding financial institutions and customer privacy?

Financial Services Modernization Act

Legislation enacted in 1999, also known as the Gramm-Leach-Bliley Act, which allowed integration among banks, securities companies, and insurance companies.

Customer Privacy

The protection of personal information shared by customers with businesses, ensuring that it is not misused or disclosed without consent.

Financial Institutions

Organizations such as banks and credit unions that provide financial services including deposits, loans, and investments.

  • Explore the responsibilities and rights pertaining to illicit electronic fund transfers.
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Supercat TwistyMay 25, 2024
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Financial institutions are prohibited from disclosing personal information about their clients to third parties unless certain requirements set forth in the act are met. In addition, financial institutions are legally required to present customers with the institution's privacy policies and practices.

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