United States. Financial data. Act
GLBAGramm-Leach-Bliley Act, Title V Subtitle A (15 U.S.C. §§ 6801–6809) and Regulation P (12 C.F.R. Part 1016)
Partly verified
Medium confidence.Not re-verified against a primary source in this session (search budget exhausted); details from established knowledge.
§1Summary
- Synopsis
Requires financial institutions to give customers privacy notices and a right to opt out of certain sharing of nonpublic personal information with non-affiliated third parties. Also mandates safeguarding of customer information through agency rules.
- Key themes
- Unique features
Opt-out (not opt-in) model; many state comprehensive laws exempt GLBA-covered entities or data, though Connecticut and others are narrowing entity-level exemptions.
- SaaS relevance
Fintech SaaS that are 'financial institutions' are covered directly; vendors to them are bound by redisclosure limits and contractual safeguards.
§2Obligations
- Extraterritorial
- Limited
- Breach notification
- See FTC Safeguards Rule / banking interagency rule
- DPO
- No
- Cross-border transfers
- None
- Maximum penalty
- Depends on regulator; FTC civil penalties for rule violations; criminal penalties for pretexting
§3Dates
- Key dates
- Adopted
- In force
- Privacy rules mandatory from 2001-07-01; Regulation P recodified by CFPB 2011; annual notice exception added 2015 (FAST Act).
§4Text and authority
- Text
- Authoritative text uscode.house.gov
- Authority
- CFPB; FTC; federal banking regulators; state insurance regulators
§5Where it applies
- Domestic law of
- United States
- Also applies in
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- US Virgin Islands
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
§6Sources and verification
- Sources consulted
- Verification
Medium confidence.
Partly verified
Medium confidence.Not re-verified against a primary source in this session (search budget exhausted); details from established knowledge.