3.127- What is the Requirement for written privacy policy disclosures ?
The Gramm-Leach-Bliley Act (GLBA) mandates financial institutions like banks, credit unions, lenders to provide a notice to its customers regarding its privacy policies and non-sharing of the non public information.
GLBA requires these financial institutions to develop and implement policies and procedures how they collect, sell, share and otherwise reuse consumer information. The GLBA Act mandates the financial institutions to give option to their clients to decide whether they could share or retain the information for future use.