Resources for Gramm Leach Bliley Act (GLBA)

The Gramm-Leach-Bliley Act Privacy of Consumer Financial Information

Federal Trade Commission

Subtitle A of Title V of the Gramm-Leach-Bliley Act (“GLB Act”) has privacy provisions relating to consumers’ financial information. Under these provisions, financial institutions have restrictions on when they may disclose a consumer’s personal financial information to non affiliated third parties. Financial institutions are required to provide notices to their customers about their information-collection and information-sharing practices. onsumers may decide to “opt out” if they do not want their information shared with nonaffiliated third parties. The GLB Act provides specific exceptions under which a financial institution may share customer information with a third party and the consumer may not opt out. All financial institutions are required to provide consumers with a notice and opt-out opportunity before they may disclose information to nonaffiliated third parties outside of what is permitted under the exceptions.

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