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Which Act includes provisions to protect consumers' personal financial information held by financial institutions?

A) Gramm-Leach-Bliley Act
B) Fair Credit Reporting Act
C) Dodd-Frank Wall Street Reform and Consumer Protection Act
D) USA PATRIOT Act

1 Answer

4 votes

Final answer:

The Gramm-Leach-Bliley Act includes provisions for the protection of consumers' personal financial information held by financial institutions. It mandates that financial institutions provide customers with a privacy policy and implement measures to safeguard their information.

Step-by-step explanation:

The act that includes provisions to protect consumers' personal financial information held by financial institutions is the Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999. The GLBA requires financial institutions to provide customers with a privacy policy that explains how their personal information is shared and used. Additionally, financial institutions are mandated to implement measures to safeguard sensitive data.

While the other acts mentioned, such as the Fair Credit Reporting Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, also relate to financial regulation and consumer protection, they focus on different aspects than personal financial information security.

answered
User Edhnb
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