What are my rights as a consumer under the GLBA?
Under the Gramm-Leach-Bliley Act (GLBA), you have the right to know how your personal information is collected, used, and shared by financial institutions.
Can I opt out of having my information shared?
Yes, you can opt out of certain information sharing practices. Financial institutions must provide you with a notice explaining your options.
What kind of information do they collect?
They typically collect personal information such as your name, address, Social Security number, and financial details.
Are there penalties for violating these rights?
Yes, there can be penalties for financial institutions that fail to comply with GLBA regulations, including fines and legal action.
How can I file a complaint if my rights are violated?
You can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's attorney general.
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