Jul 312020
 July 31, 2020  Posted by  Laws

It is so hard to get privacy protections for consumers that you might think that if a law has privacy provisions, you’d want to keep them.  Not necessarily, as Robert Gellman explains in an opinion piece that opened my eyes — and may open yours, too.

How do the privacy protections in the Gramm-Leach-Bliley Act — the well-known banking law — help consumers? The short answer is that the GLBA does almost nothing to help consumer privacy. Understanding that the GLBA is essentially a privacy fraud is important because exemptions for the GLBA are features of some state and federal privacy bills.

Let’s look at the provisions of the GLBA. The privacy part of the law provides two — and only two — provisions for consumers. First, each financial institution must have a privacy notice. That’s something but not much.

Read more on IAPP.

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