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

The Gramm-Leach-Bliley Act (GLBA) is a federal law that was enacted by Congress in 1999 to protect consumers’ financial information. It applies to financial institutions, including banks, insurance companies, and stockbrokers. The primary objective of GLBA is to ensure the privacy of customers’ nonpublic personal information held by financial institutions. This includes data such as Social Security numbers, bank account information, and credit card numbers. The GLBA requires financial institutions to create and implement policies and procedures that will protect the confidentiality and security of customer data and to provide customers with written notices of their privacy practices. It also requires the institution to provide notice of its privacy policy prior to entering into any agreement with a customer and to provide customers an opportunity to opt-out of disclosing their information to nonaffiliated third parties. Additionally, the GLBA requires financial institutions to limit access to customer information held by the institution and to periodically assess the effectiveness of its security programs. In Mississippi, all financial institutions must comply with the GLBA and must annually assess their policies and procedures to ensure compliance. Financial institutions must also provide customers with an annual notice of their privacy practices. Mississippi residents can contact their financial institution’s customer service department to obtain more information about the GLBA.

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

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