The Gramm-Leach-Bliley Act
Congress passed the Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, in 1999.28 It is the primary law governing the protection of consumer financial information. The law made great changes in the banking industry, allowing banks, securities, and insurance companies to merge, which was not allowed before the law. The financial industry urged Congress to pass the law so that customers could use one company for all their financial needs.
GLBA allowed large companies to merge. In doing so, these new, larger corporations would have access to sizable amounts of consumer financial information. Therefore, people feared that their privacy would suffer. This fear was not unreasonable, ...
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