Which United States law is focused on PII as it relates to the financial industry?
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A. B. C. D.D.
The GLBA, as it is commonly called based on the lead sponsors and authors of the act, is officially known as "The Financial Modernization Act of 1999." It is specifically focused on PII as it relates to financial institutions.
There are three specific components of it, covering various areas and use, on top of a general requirement that all financial institutions must provide all users and customers with a written copy of their privacy policies and practices, including with whom and for what reasons their information may be shared with other entities.
The correct answer is D. GLBA (Gramm-Leach-Bliley Act).
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is a United States federal law that governs how financial institutions must handle and protect consumers' personal information. The GLBA requires financial institutions to disclose their privacy policies to customers and to provide opt-out opportunities for customers who do not want their information shared with third parties.
The GLBA also includes the Safeguards Rule, which mandates that financial institutions implement appropriate measures to protect customer information from unauthorized access, use, or disclosure. The Safeguards Rule requires financial institutions to develop, implement, and maintain a comprehensive written information security program that includes administrative, technical, and physical safeguards to protect customer information.
The GLBA defines personal information as any information that can be used to identify an individual, including name, address, Social Security number, and financial account number. Therefore, the GLBA's focus on protecting personally identifiable information (PII) makes it relevant to the financial industry.
In summary, GLBA is the United States law focused on PII as it relates to the financial industry.