who is considered a consumer for the purposes of the glb act
The Gramm-Leach-Bliley Act (GLB) is a federal law (enacted in November of 1999), concerned, in part, with privacy and security of consumer financial information. The Federal Trade Commission (FTC) and a wide variety of financial regulatory bodies are authorized to promulgate and enforce Rules for the GLB.onsumers may decide to opt out if they do not want their information shared with nonaffiliated third parties. The GLB Act provides specific exceptions under which a financial institution may share customer information with a third party and the consumer may not opt out.