Financial Privacy: Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions

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A letter report issued by the General Accounting Office with an abstract that begins "Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLBA) of 1999 requires that each financial institution, which is defined to include most insurance providers or companies, has "an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers' nonpublic personal information." This prohibits the disclosure of consumers' nonpublic personal information to any entity that is not an affiliate of, or related by common ownership or control, to the institution unless the consumer is given ... continued below

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United States. General Accounting Office. April 12, 2002.

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This report is part of the collection entitled: Government Accountability Office Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 13 times . More information about this report can be viewed below.

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Description

A letter report issued by the General Accounting Office with an abstract that begins "Subtitle A of Title V of the Gramm-Leach-Bliley Act (GLBA) of 1999 requires that each financial institution, which is defined to include most insurance providers or companies, has "an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers' nonpublic personal information." This prohibits the disclosure of consumers' nonpublic personal information to any entity that is not an affiliate of, or related by common ownership or control, to the institution unless the consumer is given an opportunity to opt out of such disclosure. Also, financial institutions must provide consumers with privacy notices that explain the institution's policies and practices for disclosure. Subtitle A calls upon federal regulators to (1) issue regulations implementing disclosure-related requirements and (2) establish standards for safeguarding the privacy and integrity of customer information and records. The act also requires state insurance authorities to enforce its provisions by adopting regulations for both information disclosure and information safeguards. As of March 2002, all of the states and the District of Columbia have acted to ensure that insurance companies under their jurisdiction meet Subtitle A's disclosure and notice requirements. In addition, some states have included or retained provisions in their regulations or laws that they believe provide greater protections or more restrictive requirements than those contained in Subtitle A. Only New York has established standards for protecting the security and confidentiality of insurance customer information as of March 2002. Another state, California, has issued proposed regulations establishing such standards. In contrast, as of March 2002, the federal regulators charged with implementing Subtitle A--with the exception of the Federal Trade Commission--have issued their final standards. FTC has received comments on proposed standards and is developing its final rule."

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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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  • April 12, 2002

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  • June 11, 2014, 5:03 a.m.

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United States. General Accounting Office. Financial Privacy: Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions, report, April 12, 2002; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc293067/: accessed April 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.