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====== Gramm-Leach-Bliley Act (GLBA) ======
[[dido:public:ra:xapend:xapend.a_glossary:start| Return to Glossary ]]

The **Gramm-Leach-Bliley Act (GLBA)** was enacted in 1999 to repeal the Glass-Steagall Act. The repeal of Glass-Steagall allowed mergers between different types of financial institutions to occur, which enabled increased efficiency in the dissemination of financial information. To promote consumer privacy, the Gramm-Leach-Bliley Act included regulations to limit the ways in which companies handled and shared financial data.

Protection of information is generally elaborated through three set rules in the act:

  - Financial institutions must create privacy policies, if one was not already in place, and inform customers of their policy
  - Financial institutions must specifically disclose to customers the conditions in which policy exceptions would allow financial information to be distributed to unaffiliated third parties
  - Financial institutions must give customers an "opt-out" option to allow customers the ability to prevent private information to be disclosed

Source: [[https://en.wikipedia.org/wiki/Financial_privacy_laws_in_the_United_States#Gramm-Leach-Bliley_Act ]]


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