The commonly used name for The Financial
Services Modernization Act of 1999. The
act re-organized financial services regulation in the United States and applies
broadly to any company that is “significantly engaged” in financial activities
in the U.S. In its privacy provisions,
GLBA addresses the handling of nonpublic personal information, defined broadly
to include a consumer’s name and address, and consumers’ interactions with
banks, insurers and other financial institutions. GLBA requires financial institutions to
securely store personal financial information; give notice of their policies
regarding the sharing of personal financial information, and give consumers the
ability to opt out of some sharing of personal financial information.