Graham-Leach-Bliley Act (GLBA)

The Graham-Leach-Bliley Act (GLBA), enacted in 1999, is a U.S. law that allows financial institutions, such as banks and insurance companies, to merge and offer a wider range of services. The act also focuses on protecting consumers' personal financial information by requiring these institutions to establish privacy policies. They must inform customers about how their data is collected, used, and shared, and give them the option to opt out of certain data sharing. Essentially, GLBA aims to promote competition in the financial sector while ensuring that consumer privacy is respected.