ELI5: Explain Like I'm 5

Gramm-Leach-Bliley Act

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act, was passed in 1999. Its purpose is to protect your personal financial information held by companies like banks, insurance providers, and investment firms. These companies use your information to provide services, like loans or insurance.

The GLBA requires that companies keep your information secure, so they have to use procedures like encryption and access control to protect it. They also have to itemize what information they keep and make sure that third parties with access to it keep it secure. Finally, they have to tell you what measures they take to keep your data safe. That way, you know that your information is safe.