Overview: Gramm-Leach-Bliley Act

Quick Definition

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, requires financial institutions to document the methods that they use to handle and safeguard customer data. The act applies to institutions that offer consumers a variety of financial products, including loans, investment advice, or insurance protection. Regulated organizations must also provide customers a way to "opt out" of information sharing agreements with certain kinds of third parties.