What does GLBA stand for?

The correct answer, Gramm-Leach-Bliley Act, refers to a significant piece of legislation enacted in 1999 in the United States. This act fundamentally changed the landscape of financial services by allowing the consolidation of financial institutions, effectively permitting banks, securities firms, and insurance companies to merge and offer a combination of services. This legislation was pivotal in enhancing competition and providing consumers with more options.

The Gramm-Leach-Bliley Act also imposes certain requirements on financial institutions concerning the protection of consumer information. It mandates that institutions present their privacy policies to customers and describes how they collect, use, and share personal information. This aspect of the act is critical in the realm of consumer rights and safeguarding personal data amidst the increasing integration of financial services.

Recognizing the context of the other options helps clarify why B stands out as the correct choice. The General Ledger of Banking Acts is not an established term and does not relate to the scope of financial services covered by the act. The Government Loan Benefit Agreement and Gross Liability for Banking Activities also do not accurately represent the concepts or regulations brought forth by the Gramm-Leach-Bliley Act. Understanding GLBA's implications reinforces the importance of consumer protection and regulatory compliance within the financial services industry.