Gramm-Leach-Bliley Act

The Gramm-Leach-Bliley Act (GLBA) of 1999, Regulation P - Privacy of Consumer Financial Information, describes the conditions under which financial institutions may disclose nonpublic personal information about consumers to nonaffiliated third parties, provides a method for consumers to opt out of information sharing with nonaffiliated third parties, and requires financial institutions to notify consumers about their privacy policies and practices.

Regulation H - Consumer Protection in Sales of Insurance, describes conditions for retail sales, solicitations, advertising, or offers of insurance products or annuities by state member banks or by others at an office of a bank. Prohibits coercion and misrepresentations and requires disclosures in connection with the initial purchase of an insurance product or annuity.

The law applies to many types of financial institutions, 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.

The Gramm-Leach-Bliley Act privacy considerations affect consumers in the following ways:

1. 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.

2. The law requires these institutions to explain how they use and share your personal information. The law also allows you to stop or opt out of certain information sharing.

3. The law requires that financial institutions describe how they will protect the confidentiality and security of your information.

For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.

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