What is major parts of The Gramm-Leach-Bliley Act

The U.S. Congress signed the Gramm-Leach-Bliley Act (GLBA) into law on November 12, 1999. The intent of the law was to encourage adequate competition among members of the financial services industry. The GLBA was similar to HIPAA (a healthcare legislation) in that both laws sought to encourage efficiencies in their respective industries. Similarly, both recognized the need for security and the privacy of the individual. The GLBA specifies, in seven titles, the specific requirements for all major financial players, including banks, securities firms, and insurance companies and the responsibilities of the financial community to protect the individual’s right to privacy.

These are major parts (or titles) of the GLBA:
TITLE I: facilitating affiliations among banks, securities firms, and insurance companies
This title covers the inner details of the banking industry and the change that allows banks and brokerage firms to merge their operations (previously disallowed under the Glass-Steagall Act).

TITLE II: functional regulation
This title defines rules for functional regulation of bank securities activities (among other easing of restrictions).

TITLE III: insurance
This title deals with various aspects of the insurance industry, including brokers, insurers, and even rental car agency insurances.

TITLE IV: unitary thrift holding company provisions
This title disallows new unitary thrift holding companies and requires existing ones to be sold into only financial companies.

TITLE V: privacy
This title most concerns us in this chapter, as it directly deals with privacy issues.
Subtitle A.Disclosure of Nonpublic Personal Information.
Subtitle B.Fraudulent Access to Financial Information.

TITLE VI: federal home loan bank system modernization
This deals with certain operational details, including thresholds for certain asset and loan requirements.

TITLE VII: other provisions
These provisions deal with other aspects of banking services.