IT Regulatory Compliance in North America

CHAPTER 9: GLBA

The Financial Services Modernization Act 1999, usually called the Gramm-Leach-Bliley Act (‘GLBA’) after its sponsors, covers all US-regulated financial services corporations. It applies to

• banks, securities firms and insurance companies,

• lending, brokering or servicing any type of consumer loan,

• transferring or safeguarding money,

• preparing individual tax returns,

• providing financial advice or credit counselling,

• providing residential real estate settlement services,

• collecting consumer debts, and

• an array of other activities.

The GLBA charges the boards of these entities with protecting their customers’ personal information against any ‘reasonably foreseeable’ threats to its security, confidentiality or integrity. ...