Under the terms of the Gramm-Leach-Bliley (Financial Services Modernization) Act, customers were granted the authority to stop a financial institution from sharing their private information with nonaffiliated firms if those customers did so in writing.

Question

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The Gramm-Leach-Bliley Act includes provisions that allow consumers to opt-out, meaning they can request that their personal financial information not be shared with nonaffiliated third parties by notifying their financial institution in writing.

Under the Terms of the Gramm-Leach-Bliley (Financial Services Modernization) Act