The Gramm-Leach-Bliley Act (GLBA) is aimed primarily at protecting what type of information?

Prepare for the Bank Compliance Training Test with interactive flashcards and multiple-choice questions, complete with hints and explanations. Master compliance concepts to succeed on your exam!

The Gramm-Leach-Bliley Act (GLBA) focuses on the protection of nonpublic personal information (NPI) held by financial institutions. NPI refers to any information that can identify an individual and is not publicly available, such as personal details, social security numbers, account information, and credit histories. The GLBA mandates that financial institutions implement specific measures to safeguard this sensitive information from unauthorized access and disclosure.

This act emphasizes the importance of privacy and the responsible management of customers' personal data, requiring financial institutions to develop privacy policies and disclose those policies to consumers. It also provides consumers with the right to opt-out of having their personal information shared with non-affiliated third parties.

In contrast, the other options do not align with the main focus of the GLBA. Public financial records, government financial data, and corporate financial audits do not fall under the strict confidentiality and privacy requirements established by the GLBA for protecting individual consumer information.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy