Final answer:
The Gramm-Leach-Bliley Act (GLBA) is a federal law that governs the privacy and security of consumer financial information.
Step-by-step explanation:
Definition of GLBA
The correct definition of GLBA is the Gramm-Leach-Bliley Act.
The Gramm-Leach-Bliley Act is a federal law enacted in 1999 that governs the privacy and security of consumer financial information. It requires financial institutions to safeguard private customer information and provide clear disclosures about their information-sharing practices.
For example, banks and credit unions are required to inform customers about the types of information they collect, how it is used, and how they protect it. They also must give customers the option to opt out of having their information shared with third parties.