Gramm-leach-bliley Financial Privacy Act

The Gramm-Leach-Bliley Financial Privacy Act is not an Internet specific law but affects the manner in which businesses will treat financial data in any context. This law limits the manner in which financial institutions may disclose nonpublic personal information about a consumer to nonaffiliated third parties and requires them to disclose certain privacy policies and practices to all of its customers.

The following questions have been addressed in this article:

If a customer does not opt out, then can a third party use this information for marketing purposes?
What reasonable measures should be taken to allow consumers to opt-out?

Continue...

Facebook Twitter RSS