![]() The law covers a broad range of financial institutions, including many companies not traditionally considered to be financial institutions because they engage in certain "financial activities." Financial institutions must notify their customers about their information-sharing practices and tell consumers of their right to "opt-out" if they don't want their information shared with certain nonaffiliated third parties. ![]() Its provisions limit when a "financial institution" may disclose a consumer's "nonpublic personal information" to nonaffiliated third parties. The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. DISCLOSURE OF ACCOUNT NUMBERS IS PROHIBITED Restrictions on Reuse and Redisclosure if NPI is Received Outside the Section 14 or 15 Exceptions.Restrictions on Reuse and Redisclosure if NPI is Received Under the Section 14 or 15 Exceptions.Exception to the Opt-Out Requirement: Service Providers and Joint Marketing.Exceptions to the Notice and Opt-Out Requirements.The Shelf Life of an "Opt-Out" Direction. ![]() Businesses That Receive NPI from Nonaffiliated Financial Institutions.Anyone who uses this Guide should also review the Privacy Rule, found at 16 C.F.R. The FTC is responsible for enforcing its Privacy of Consumer Financial Information Rule (Privacy Rule). CONSUMERS CREDIT UNION INTERNAL PHONE NUMBERS FULLThe regulations required all covered businesses to be in full compliance by July 1, 2001. The Gramm-Leach-Bliley Act required the Federal Trade Commission (FTC) and other government agencies that regulate financial institutions to implement regulations to carry out the Act's financial privacy provisions (GLB Act). In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy. The Gramm-Leach-Bliley Act was enacted on November 12, 1999.
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