. Please explain the Gramm-Leach Bliley Act. You must explain the background and
ID: 352768 • Letter: #
Question
. Please explain the Gramm-Leach Bliley Act. You must explain the background and history of the Act. 2. Research and discuss a case outside of the book and lecture notes in regard to the Gramm-Leach Bliley Act. 3. How would you define the major parts of the privacy requirements: the Financial Privacy Rule, the Safeguards Rule, and the pretexting provisions? (Write a minimum of 1-paragraph for each). 4. Research and discuss a case outside of the book and lecture notes in regard to HIPPA? 5. Who is protected by HIPPA? Who must comply with HIPPA? 6. What is the relevance of health care plans, providers and clearinghouses?
Explanation / Answer
1) Gramm-Leach Bliley Act
During the time of Great Depression in the year 1933, congress introduced an act called Glass-Steagall Act preventing the merger of banks and other financial institutions. But later in November 1999 Gramm-Leach Bliley Act was executed which removed bans on the merger of Banks, Insurance companies and Securities Company by repealing section of Glass-Steagall Act. GLBA act is also known as Financial Services Modernization Act.
Earlier in 1997, 98 and 99 there were many cases of consumer privacy violation due to which Title V was introduced under GLBA Act by the congress which provided limited privacy protection for fiscal information. This statute was signed by then U.S President Bill Clinton and thus became a law.
3) Major Parts of Privacy Requirements:
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