What is the Gramm-Leach-Bliley Act?

The Gramm-Leach-Bliley Act (GLBA) is a federal law that was enacted in 1999 and is also referred to as the Financial Services Modernization Act of 1999. This law is intended to regulate the financial services industry in the United States. The GLBA works to protect the privacy of consumers’ financial information and ensures that consumers are provided with clear and accurate information about the cost and risks involved with financial products and services. The GLBA also operates to encourage competition within the financial services industry. The GLBA applies to banks, investment firms, home loan companies, credit unions, and other financial institutions that operate within Delaware. It requires such entities to provide customers with an annual notice outlining the institution’s privacy policies. If a customer chooses to opt out of having their data shared with third parties, the institution must honor this request. Under the act, the institution must also take measures to protect the confidentiality of the customers’ personal information that it collects or holds. This includes encrypting customer data, storing it securely, and disposing of it properly. The GLBA is a powerful measure that helps protect the privacy and security of customers’ financial information in Delaware.

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What is the Gramm-Leach-Bliley Act?

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