Privacy Act Issues under Gramm-Leach-Bliley
The FDIC has created this webpage to inform consumers about the Gramm-Leach-Bliley Act's (GLBA) consumer provisions to ensure that financial institutions protect consumer's financial information. GLBA became law in 1999. The new law applies to many types of financial institutions. The law covers banks, savings and loans, credit unions, insurance companies and securities firms. It even includes some retailers and automobile dealers that collect and share personal information about consumers to whom they extend or arrange credit.
GLBA privacy considerations affect consumers in the following ways:
- Financial institutions are required to: ensure the security and confidentiality of customer information; protect against any anticipated threats or hazards to the security or integrity of such information; and protect against unauthorized access to or use of customer information that could result in substantial harm or inconvenience to any customer.
- The law requires these institutions to explain how they use and share your personal information. The law also allow you to stop or "opt out" of certain information sharing.
- The law requires that financial institutions describe how they will protect the confidentiality and security of your information.
Below are links with information regarding GLBA and consumer privacy:
FDIC Consumer News Articles
- Winter 2000/2001: New Rights to Privacy: You Now Hold the Key to How Much Information Financial Institutions Can Share
- Summer 2001: The Latest on Your New Rights to Privacy... Our Answers to Your Questions
- Summer 2002: Privacy Mailings Arriving Again: Toss at Your Own Risk