Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects simply to a non-technical, business audience. Over…
The Financial Modernization Act of 1999 is a federal law that requires ensured consumer data security by all organizations, financial institutions and services, including banking, securities, insurance, lending, brokerage, tax preparation and credit counseling. Per the Act, privacy requirement components are as follows: Financial Privacy Rule, Safeguards Rule and Pretexting Protection.
Introduced to the Senate by Senator Phil Gramm, the Financial Modernization Act of 1999 was signed by President Clinton and became law on November 11, 1999.
The Financial Modernization Act of 1999 is also known as the Gramm-Leach-Bliley Act or GLB Act.
The Financial Privacy Rule, which addresses the collection process and disclosure of personal consumer financial data, applies to all institutions – even those that do not provide financial services. This Rule focuses on informational transactions, rather than the nature of an organization’s activities.
The Safeguards Rule deals strictly with financial institutions and requires safeguard implementation and maintenance to prevent consumer data theft. Pretexting Protection prevents the unauthorized exchange and theft of a consumer’s personal and financial data.
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Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.
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