Graham-Leach-Bliley Act

The Graham-Leach-Bliley Act (GLBA) is a U.S. law enacted in 1999 that governs how financial institutions protect consumers' private information. It allows banks, insurance companies, and securities firms to share customer data among themselves, but also requires them to implement safeguards to keep that information confidential. Additionally, the law mandates financial institutions to inform customers about their data collection and sharing practices through privacy notices, and gives consumers the right to limit some types of data sharing. Overall, GLBA aims to balance innovation in financial services with protecting individuals’ personal financial information.