Financial Modernization Act (Gramm-Leach-Bliley Act)

The Gramm-Leach-Bliley Act regulates the sharing of personal information about individuals who obtain financial products or services from financial institutions. It attempts to inform individuals about the privacy policies and practices of financial institutions, so that consumers can use that information to make choices about financial institutions with whom they wish to do business. The law gives consumers limited control - via opt-out - over how financial institutions use and share the consumers personal information. The Privacy Rights Clearinghouse provides information about how to read privacy notices exercise rights under the Gramm-Leach-Bliley Act.