The Gramm-Leach-Bliley Act (GLBA), enacted in 1999, is a landmark legislation that safeguards the privacy and security of financial data. It empowers consumers to control the use of their personal information by financial institutions.
Provision | Description |
---|---|
Privacy Notice | Financial institutions must provide customers with a privacy notice explaining how their personal information will be used and shared. |
Opt-Out Right | Customers can opt out of having their information shared with affiliates or third parties for marketing purposes. |
Data Security Measures | Institutions must implement reasonable security measures to protect customer data from unauthorized access, use, or disclosure. |
Q: What types of financial institutions are covered by the GLBA?
A: All financial institutions that engage in consumer financial activities, including banks, credit unions, insurance companies, and investment firms.
Q: What is considered "personal information" under the GLBA?
A: Nonpublic personal information, such as Social Security numbers, financial account numbers, and transaction histories.
Q: How can I opt out of having my information shared?
A: Contact your financial institution and request an opt-out form.
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