The Gramm-Leach-Bliley Act requires financial institutions - companies that provide financial products or services to consumers such as loans, financial or investment advice, or insurance - to explain their information-sharing practices to their customers and to protect sensitive data.
Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act seeks to protect the financial privacy of consumers. Its provisions limit when a "financial institution" may disclose "nonpublic personal information" about a consumer to unaffiliated third parties. The law applies to a wide range of financial institutions, including many businesses that are not traditionally thought of as financial institutions because they engage in certain "financial activities." Financial institutions must inform their consumers about their data-sharing practices and inform them of their right to "opt-out" if they do not want their information shared with certain unaffiliated third parties.
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