Which item is listed as a concern created by GLB?

• A. Privacy of personal financial information
• B. Decreased competition among banks
• C. Lower consumer access to financial services
• D. Reduced data security standards

Answer: (A)

Privacy of personal financial information is the key concern tied to GLB. Gramm-Leach-Bliley Act repealed the old divides between banking, securities, and insurance, which meant more sharing of consumer data across affiliated entities and potentially with third parties. To address this, GLB requires privacy notices to inform customers about what information is collected and with whom it may be shared, and it gives people an opt-out option for certain kinds of sharing. It also imposes safeguards to protect data. So the main issue people worry about is how their personal financial information might be shared as financial institutions combine different lines of business. The other options don’t reflect the primary GLB focus: the act doesn’t aim to reduce competition, and in fact it enables broader cross‑industry offerings; it doesn’t lower consumer access; and it actually emphasizes stronger data protection through safeguards rather than reducing standards.