Gramm-Leach-Bliley was is a federal law that affects commercial banks, investment banks, securities firms, and insurance companies.
In terms of compliance, the key rules under the Act include The Financial Privacy Rule which governs the collection and disclosure of customers’ personal financial information by financial institutions. It also applies to companies, regardless of whether they are financial institutions, who receive such information.
The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions – such as credit reporting agencies, appraisers, and mortgage brokers – that receive customer information from other financial institutions.
AccuShred helps financial institutions of all kinds maintain compliance with Gramm-Leach-Bliley and the Safeguards Rule by securely destroying client information.
For more information on the Gramm-Leach-Bliley Act, please visit the FTC’s website