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. ...