Which act emphasizes the importance of securing consumer information and allows opting out?

The Graham-Leach-Bliley Act (GLBA) is significant because it emphasizes the protection of consumer information in the financial services sector. This law requires financial institutions to establish privacy policies and practices that safeguard consumers’ personal data. Additionally, the GLBA provides consumers with the ability to opt out of having their information shared with non-affiliated third parties, thus granting them greater control over their personal financial information.

This focus on privacy aligns with the growing concerns about data security and consumer protection in financial transactions. The necessity of keeping personal financial information secure is crucial not only for compliance with the law but also for maintaining consumer trust.

In contrast, while other acts, like the Fair Housing Act and the Truth in Lending Act, deal with various aspects of consumer rights and protections in housing, lending, and financial transactions, they do not specifically focus on consumer information security or the opt-out provisions that are a core component of the GLBA.