Complying with GLBA Privacy and Safeguards Rules

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In 2006 an estimated 9 million American adults were the victims of identity fraud at a total cost of $56.6 billion. There are a number of legislative efforts designed to protect the privacy, security, and confidentiality of customer data. One such law, the Gramm-Leach-Bliley Act (the “GLBA”), also known as the Financial Services Modernization Act of 1999, effectively repealed the Banking Act of 1933 and amended the Bank Holding Company Act of 1956.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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