What is the Gramm-Leach Bliley Act (GLBA)?
The Gramm-Leach Bliley Act (GLBA) is a U.S. law enacted in 1999 and also known as the Financial Services Modernization Act. The GLBA controls the way that financial institutions deal with the private financial information of individuals.
GLBA requires financial institutions to do a data inventory, detailing how personal information is collected, stored and disclosed.
The GLBA requires financial service customers to receive a privacy policy notification annually. The notification must include a clear notice of a customer’s rights with respect to opt-outs. A financial institution receiving an opt-out request must comply across all communication media.