What is the Gramm-Leach-Bliley Act (GLBA)?

The Gramm-Leach-Bliley Act (GLBA) is a federal law that was enacted in 1999 to protect consumer financial information. GLBA prohibits financial institutions and other businesses from sharing nonpublic personal information without the individual’s consent. This includes information about credit card transactions, bank accounts, loans, and insurance policies. Under GLBA, businesses are obligated to implement procedures to protect the security and confidentiality of the consumer data they collect. These procedures should include security measures to protect against unauthorized access, use, or disclosure of the information. In addition, businesses should train their employees on data security and provide customers with an annual privacy notice outlining their data security practices. GLBA applies to any person or business that collects and/or uses financial information about consumers in connection with providing a financial product or service. This includes banks, credit unions, insurance companies, mortgage companies, and other financial services businesses. In Hawaii, the Department of Commerce and Consumer Affairs is responsible for enforcing GLBA regulations. The GLBA is important because it helps ensure that consumer information is kept safe and secure. When companies fail to comply with the GLBA and put customer data at risk, they can face hefty fines or other penalties from the FTC or other government agencies.

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What is the Gramm-Leach-Bliley Act (GLBA)?

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