ABA Section of Business Law

Business Law Today
May/June 2001 (Volume 10, Number 5)

Gramm-Leach-Bliley privacy provisions
By Cynthia A. Glassman

- Apply to financial institutions, broadly defined
- Cover nonpublic personal financial information
- Require initial and annual notice to customers regarding:

A) what nonpublic personal financial information is collected as well as how it is shared with affiliates and nonaffiliated third parties
B) with what types of organizations the information is shared
C) how security and integrity of the information is protected.

- Requires offering consumers and customers opt-out of certain sharing with third parties.
- Requires compliance by July 1, 2001.

Glassman is a principal at Ernst & Young LLP in Washington. Her e-mail is cynthia.glassman@ey.com.