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

The Gramm-Leach-Bliley Act (GLBA), or the Financial Services Modernization Act of 1999, is a federal law that governs the security and privacy of customer financial information in Pennsylvania and other states. GLBA requires financial institutions to protect customer data, ensure the security of customer information, and help consumers maintain control over their own personal information. GLBA applies to a wide range of financial institutions, including banks, credit unions, securities firms, insurance companies, and other companies that offer financial services. Companies that are subject to GLBA must establish and implement a comprehensive information security program that includes managerial oversight, physical security, employee training, and administrative, technical, and physical controls to protect customers’ nonpublic personal information. The GLBA also requires financial institutions to give customers greater access to their own personal information. For example, under GLBA, customers can request to see a financial institution’s privacy notices as well as opt out of sharing their information with third parties. Overall, the GLBA is an important law that allows customers to remain in control of their financial information and enables financial institutions to make sure that customer’s personal data is properly protected.

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

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