Auditing IT Infrastructures for Compliance, 3rd Edition
by Robert Johnson, Marty Weiss, Michael G. Solomon
Gramm-Leach-Bliley Act
Also known as the Financial Modernization Act of 1999, the Gramm-Leach-Bliley Act (GLBA) repeals parts of the Glass-Steagall Act from 1933. The Glass-Steagall Act prohibited banks from offering investment, commercial banking, and insurance services all under a single umbrella. GLBA deregulates the split of commercial and investment banking. GLBA also provides provisions for compliance within Sections 501 and 521 to protect the financial information held by the industry. This protection is on behalf of the consumers. GLBA generally applies to financial institutions or any organization “significantly engaged” in financial activities. Examples include banks and securities firms. More examples are firms dealing with mortgages, ...
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