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Answer :
Final answer:
The Gramm-Leach-Bliley Act (GLBA) requires all financial institutions to put in place safeguards to protect customer information. This is a part of the consumer protection laws overseen by the Federal Reserve, which also include disclosure requirements and non-discrimination regulations.
Explanation:
The statement in your question is True. The Gramm-Leach-Bliley Act (GLBA) does indeed require all financial institutions, regardless of their size, to design, implement, and maintain safeguards to protect customer information. This is a part of the broad spectrum of consumer protection laws that the Federal Reserve is responsible for ensuring compliance with.
For instance, financial institutions must refrain from discrimination based on age, race, sex, or marital status. They are also obligated to publicly disclose information about the loans they distribute; this includes details on where the loans are offered geographically and demographic data on loan applicants.
This disclosure and non-discrimination components are significant parts of financial consumer protection laws, along with the requirement of maintaining adequate safeguards for customer data. All of these regulations aim to increase transparency, fairness, and security in the financial industry.
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