Gramm-Leach-Bliley Act of 1999 (GLBA)

Definition

This act sets standards for privacy practices in the financial sphere. U.S. businesses that provide financial products or services must take appropriate physical, electronic, and administrative steps to secure consumer data. They must also provide notice to customers regarding privacy and information-sharing practices. Under this law, consumers have the right to opt out of having their information shared with certain third parties.
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Gramm-Leach-Bliley Act grandfathered activities