Which of the following best describes the GLBA?

The Gramm-Leach-Bliley Act (GLBA) is best described as a comprehensive consumer protection act. Enacted in 1999, the GLBA is primarily designed to safeguard consumers’ personal financial information held by financial institutions. It mandates that these institutions implement privacy policies and procedures to protect customer data and provide customers with the right to opt-out of having their information shared with non-affiliated third parties. This focus on consumer privacy and protection is pivotal, highlighting how financial institutions are required to handle sensitive personal information responsibly.

The other options do not capture the essence of the GLBA. While it does encompass aspects of banking, it is not solely focused on banking regulations, nor does it address international trade issues or specifically regulate commercial loans. Instead, it impacts various financial sectors, including insurance and securities, making its implications much broader than just banking.