Background
Under the Gramm-Leach-Bliley Act (GLBA), financial institutions are required to provide their customers with privacy notices. The act requires the notices to be clear and conspicuous as well as contain accurate statements about a company’s privacy practices. Companies must also provide a means for consumers to opt out of certain information sharing when they have the right to do so.
The federal agencies (collectively “the Agencies”) that enforce the GLBA initiated a two-phase project to explore the development of paper-based, alternative financial privacy notices—or components of notices—that are easier for consumers to understand and use.
