Gramm

Leach-Bliley Act-Enacted to legislate reforms in the financial services industry and to address concerns relating to consumer financial privacy. The act limits when a financial institution can disclose a consumer’s non-public personal information to non-affiliated third parties. In addition, financial institutions are required to notify consumers about their information-sharing practices using a “clear and conspicuous” written privacy notice and must give consumers the right to opt out if they do not want their information shared with third parties.