GLBA

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GLBA

GLBA stands for the Gramm-Leach-Bliley Act. The act passed November 12, 1999, and reformed the financial services industry while requiring the Federal Trade Commission (FTC) to regulate the provisions contained in the Act regarding financial privacy. According to the Act, financial institutions have to inform their customers about their policies regarding information-sharing and customers must be given a chance to “opt-out” if they don’t want their information to be shared.

Under the privacy rule instituted by the act, financial institutions required to follow the privacy rule include those that are lending, exchanging, transferring, investing for others, or safeguarding money or securities. It also includes those that are providing financial, investment, or economic advisory services, brokering loans, servicing loans, debt collecting, providing real estate settlement services, and career counseling.

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