The Gramm–Leach–Bliley Act (GLBA) is a consumer protection law that governs the collection, disclosure, and protection of consumers personal information and personally identifiable information by financial institutions. It requires financial institutions, companies that offer consumers financial products or services like loans, financial or investment advice, or insurance, to explain their information-sharing practices to their customers and to safeguard sensitive data.
Institutions of higher education (IHEs) are covered by the law’s definition of “financial institutions” as they participate in financial activities, such as offering Federal Perkins Loans.