What does the Gramm-Leach-Bliley Act require institutions to provide?

The Gramm-Leach-Bliley Act (GLBA) primarily focuses on protecting consumers' personal financial information held by financial institutions. One of its key requirements is that these institutions must provide a privacy notice to their customers. This notice informs individuals about the types of personal data collected, how it is shared, and the measures taken to protect their privacy. The intent is to ensure that consumers are fully aware of their privacy rights and how their information is handled, promoting transparency and trust between consumers and financial entities.

The other choices do not align with the primary requirements of the GLBA. While financial statements or annual reviews may be important in other contexts, they are not mandated by this act. Insurance quotes also create a different focus that strays from the core purpose of the GLBA, which is consumer privacy rather than the specifics of financial product offerings.