The Gramm-Leach-Bliley Act
To create provisions to protect consumer's personal financial information held by financial institutions. Paper documents containing personal information should be protected when in use and safely destroyed when no longer current or usable.
Applies to financial institutions which include banks, securities firms, insurance companies and any other company providing other types of financial products and services to consumers including lending, brokering or servicing any type of consumer loan, transferring money, safeguarding money, tax return preparation, financial advice, credit counseling, debt collection and more.
The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rules applies not only to financial institutions that Collect information from their own customers, but also to financial institutions "such as credit reporting agencies" that receive customer information from other financial institutions.
