What does the acronym GLBA stand for?

The acronym GLBA stands for the Gramm-Leach-Bliley Act. This Act, enacted in 1999, fundamentally reformed the financial services industry by allowing institutions to offer a combination of investment, insurance, and banking services. The GLBA is best known for its provisions aimed at protecting consumers' personal financial information held by financial institutions. It requires these institutions to implement privacy policies and practices, ensuring that personal data is not shared or disclosed without proper consent. This legislation plays a crucial role in maintaining a balance between financial integrations and consumer privacy, making it essential knowledge in the context of bank compliance training.