Final answer:
The three sections of the Gramm-Leach-Bliley Act are the Financial Privacy Rule, the Safeguards Rule, and the Pretexting Provisions, all focused on protecting consumers' personal financial information.
Step-by-step explanation:
The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, repealed part of the Glass-Steagal Banking Act of 1933. While the Glass-Steagal Act had previously separated commercial banking, investment banking, and insurance services, the Gramm-Leach-Bliley Act allowed for their integration. The three sections of the Gramm-Leach-Bliley Act are:
- The Financial Privacy Rule, which governs the collection and disclosure of customers' personal financial information by financial institutions.
- The Safeguards Rule, which requires financial institutions to implement security programs to protect such information.
- The Pretexting Provisions, which prohibit the practice of pretexting (accessing private information using false pretenses).
These provisions ensure a balance between financial service companies' ability to consolidate and offer a broad array of services, while also protecting consumers' personal financial information.