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

The Gramm-Leach-Bliley Act (GLBA) is a federal law that applies to financial institutions in Massachusetts and around the country. The GLBA helps protect the privacy of consumers’ personal and financial information. It requires financial institutions to explain their information-sharing practices to the public, give customers the right to opt out of having their information shared, and secure the information they collect. The GLBA was passed in 1999 in response to widespread public concern about how banks and other financial institutions were using and sharing customer data. The law’s main goal was to restore public trust in the banking system by providing consumers with more control over how their personal information is used. Under the GLBA, financial institutions must provide customers with an annual privacy notice that explains exactly how their information is shared with other companies. The law also requires financial institutions to have safeguards in place to ensure that customer data is kept secure. These safeguards can be anything from physical security measures (like locks) to technological ones (like firewalls). The GLBA is an important law in Massachusetts and the rest of the country as it helps protect consumers’ financial data from unauthorized use. By giving consumers greater control over their personal information, it can help prevent fraud and identity theft.

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

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