Financial Privacy: Too Soon to Assess the Privacy Provisions in the Gramm-Leach-Bliley Act of 1999

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A letter report issued by the General Accounting Office with an abstract that begins "This report provides information on (1) the efficacy and adequacy of remedies provided by the Gramm-Leach-Bliley Act of 1999 in addressing attempts to obtain financial information by false pretenses and (2) suggestions for additional legislation or regulatory action to address threats to the privacy of financial information, from financial institutions. As of March 2001, federal regulatory and enforcement agencies had not taken any enforcement actions or prosecuted any cases under Subtitle B. The Federal Trade Commission (FTC) and the Department of Justice are still in the ... continued below

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United States. General Accounting Office. May 3, 2001.

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Description

A letter report issued by the General Accounting Office with an abstract that begins "This report provides information on (1) the efficacy and adequacy of remedies provided by the Gramm-Leach-Bliley Act of 1999 in addressing attempts to obtain financial information by false pretenses and (2) suggestions for additional legislation or regulatory action to address threats to the privacy of financial information, from financial institutions. As of March 2001, federal regulatory and enforcement agencies had not taken any enforcement actions or prosecuted any cases under Subtitle B. The Federal Trade Commission (FTC) and the Department of Justice are still in the process of taking steps to ensure that the financial institutions that they regulate have reasonable controls to protect against fraudulent access to financial information. Although all of the federal regulators and privacy experts whom GAO contacted agreed that more time and experience are needed to determine if Subtitle B remedies adequately address fraudulent access to financial information, FTC staff and privacy experts suggested legislative changes to Subtitle B. GAO did not evaluate the potential impact or practicality of these suggestions because it found no consensus on these ideas."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • May 3, 2001

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  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Financial Privacy: Too Soon to Assess the Privacy Provisions in the Gramm-Leach-Bliley Act of 1999, report, May 3, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc290657/: accessed July 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.