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The Gramm-Leach-Bliley Act (GLB Act or GLBA) is U.S. legislation that was signed into law on November 12, 1999 by former President Bill Clinton. The GLB Act requires the full disclosure of consumer data sharing practices and ensured consumer data privacy by financial institutions.
The GLB Act is formally known as the Financial Modernization Act of 1999.
The GLB Act repealed provisions of the Banking Act of 1933 (Glass-Steagall Act) that restricted alliances within the banking and securities industries. By broadening financial services and facilitating market affiliations, the GLB Act introduced innovation. Electronic transactions soon became the norm and evolved in step with the rapid development of e-commerce.
The GLB Act primarily focused on tightening and expanding consumer data privacy safeguards and restrictions. For IT professionals, this means ensuring and securing confidential financial information from unauthorized access.