The Gramm-Leach-Bliley Financial Modernization Act of 1999 was passed by the U.S. Senate Banking Committee in May of 1999 as Senate Bill 900. Senator Phil Gramm, Chairman of the Senate Committee on Banking, Housing and Urban Affairs, was instrumental in drafting the Gramm-Leach-Bliley Act into law, along with fellow members of the committee. The Act became Public Law 106-102 with President Clinton's signature on November 12, 1999.
The Gramm-Leach-Bliley Act of 1999 (GLB) mandates that financial institutions that obtain nonpublic personal information through the normal course of their business must develop safeguards to ensure the security and confidentiality of customer records and information, and to protect against unauthorized access to or use of such records.
While originally drafted to require that "financial institutions" protect the privacy of customer financial data, which also includes nonpublic and personal information, it is further understood that other agencies such as insurance companies and attorneys who also deal with a variety of financial and personal information obtained from claimants, witnesses, and clients, in the course of conducting interviews and recorded statements via cassette tape and/or VCR tape recordings.
Data-Med Transcription has assumed further responsibility while performing services for insurance companies and attorneys and courts, to secure any personal information obtained through transcription of such recordings. To that end, we have procedures in place that ensure confidentiality of all such information via Nondisclosure & Confidentiality Agreements that are signed and kept on file of all staff members and administrative personnel associated with Data-Med Transcription. We also maintain secure, password protected web-based electronic transmission of transcribed files over an SSL (secure socket layer) network with 128 bit encryption capabilities to further ensure against unscrupulous interception of such confidential documents.
For further information on the Gramm-Leach-Bliley Act go to the links below:
http://banking.senate.gov/conf/
http://www.ftc.gov/privacy/glbact/glbsub1.htm