7. Financial Privacy Please: The Gramm-Leach-Bliley Act

The privacy of your personal financial information held by companies with which you do business is not just a matter of an increase in junk mail solicitations from such companies. The less private and secure your personal financial information is, the more likely you are to be a victim of identity theft.

Which title appears more difficult to remember: the Gramm-Leach-Bliley Act or the Financial Services Modernization Act? Whatever you call it, when it comes to protecting the privacy of consumers, the law is a confusing amalgam of guidelines that help the financial industries much more than they do consumers. Although trumpeted by some politicians as a law that helps to protect consumers’ ...

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