Which statement best describes the Gramm-Leach-Bliley Act's focus?

Which statement best describes the Gramm-Leach-Bliley Act's focus?

• A. McCarran-Ferguson Act
• B. Gramm-Leach-Bliley Act
• C. NAIC Model Health Act
• D. Do-Not-Call Implementation Act

Answer: (B)

Protecting consumers' financial information and controlling how financial institutions share that data is what the Gramm-Leach-Bliley Act addresses. It establishes privacy standards, requires notices about data practices, gives consumers the right to opt out of sharing nonpublic personal information with non-affiliates, and mandates safeguards to protect data from theft or unauthorized access. This focus on privacy and information security distinguishes GLBA from the other items: the McCarran-Ferguson Act deals with state regulation of insurance and federal antitrust exemptions, the NAIC Model Health Act relates to health insurance regulation, and the Do-Not-Call Act concerns telemarketing restrictions.

Protecting consumers' financial information and controlling how financial institutions share that data is what the Gramm-Leach-Bliley Act addresses. It establishes privacy standards, requires notices about data practices, gives consumers the right to opt out of sharing nonpublic personal information with non-affiliates, and mandates safeguards to protect data from theft or unauthorized access. This focus on privacy and information security distinguishes GLBA from the other items: the McCarran-Ferguson Act deals with state regulation of insurance and federal antitrust exemptions, the NAIC Model Health Act relates to health insurance regulation, and the Do-Not-Call Act concerns telemarketing restrictions.