The Gramm-Leach-Bliley Act requires that financial institutions protect the privacy of consumers.

Question

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The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act, requires financial institutions to protect the privacy of consumers by providing them with a privacy notice that details how their personal information is collected, shared, and used. It also requires institutions to establish safeguards for protecting the security and confidentiality of this information.

The Gramm-Leach-Bliley Act Requires That Financial Institutions Protect the Privacy