What is the Gramm-Leach-Bliley (“GLB”) Act? Does it affect me as a supervised lender?
The GLB act sets privacy standards for the collection and distribution of consumer information by any company that collects personal information from consumers. The GLB Act requires companies to give consumers a privacy notice, and to inform them how their personal information is collected, and also whether the company plans to share this information with other companies. Companies must also give consumers the ability to “opt-out”, which means that other companies will not receive the consumers information. As a supervised lender, the G.L.B. affects you, because your company collects personal information from consumers during the lending process.
