Exceptions to Notice and Opt-Out Under the Gramm-Leach-Bliley Act

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Exceptions to Notice and Opt-Out Under the Gramm-Leach-Bliley Act

Information practices are complex and hard to generalize, so the Gramm-Leach-Bliley notice and opt-out requirement is riddled with exceptions.

Under the law, information can be shared:

with a third party that performs services for or with the financial institution;

to effect, administer, or enforce transactions in a variety of ways;

with the consent of the consumer;

to protect the financial institution and the consumer in a variety of ways;

with persons having a legal interest in the customer's affairs;

to inform insurance rate advisory organizations, guaranty funds or agencies, rating agencies; attorneys, accountants, or auditors;

as permitted by other law and for various types of investigations;

to or from a consumer reporting agency;

in connection with a merger; and

to comply with legal investigations or respond to judicial process

without getting customer permission.

All these exceptions either benefit consumers or they are recognized as good public policy. They illustrate the complexity of modern information practices and the emptiness of arbitrary, absolutist claims about financial privacy.

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[updated 12/02/01]