The Gramm-Leach-Bliley Act ensures that an organization's privacy policies are fully disclosed when a customer initiates a business relationship with the organization.

Question

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The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act, requires financial institutions to provide customers with privacy notices that explain how the organization gathers, uses, and protects their personal information. These privacy policies must be disclosed to the customer at the time of establishing a business relationship with the organization. Therefore, the statement is true.

The Gramm-Leach-Bliley Act Ensures That an Organization's Privacy Policies Are