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

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Modernization Act of 1999, is a federal law that regulates the way financial institutions handle personal data. In North Carolina, the GLBA is enforced by the Office of the Comptroller of the Currency, the Federal Trade Commission, and the Federal Deposit Insurance Corporation. This Act requires that financial institutions, such as banks and insurance companies, take steps to ensure the security and confidentiality of customer information. It also requires them to provide customers with a written privacy notice that informs customers about how the company collects and shares their personal information. The Gramm-Leach-Bliley Act also restricts the ways that financial institutions can sell customer information. Financial institutions must provide customers with an opt-out opportunity if they wish to prevent their personal data from being shared outside the company. Furthermore, the Act requires institutions to have a comprehensive data security program that includes measures to prevent unauthorized access and to be able to detect and respond to security breaches. The Gramm-Leach-Bliley Act protects the rights of consumers and ensures that financial institutions take appropriate steps to protect customer data. It helps ensure that customer information remains confidential and secure and prevents companies from misusing customer data. North Carolina residents should make sure that the financial institutions they use comply with the GLBA and all other applicable laws.

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

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