The Gramm-Leach-Bliley Act addresses privacy of consumer information in mortgage contexts. Which option reflects that purpose?

• A. Bank secrecy act compliance
• B. Privacy of consumer information
• C. Truth in lending disclosures
• D. Disclosures and advertising

Answer: (B)

The key idea here is protecting how a borrower’s financial information is handled. The Gramm-Leach-Bliley Act is about privacy and safeguarding consumer data in financial transactions, including mortgages. It sets rules on what information can be shared and requires lenders to inform customers about their privacy practices and to implement security measures to protect that data. That focus on who can see or share nonpublic financial information and how it’s protected is why this option is the best fit.

The other choices relate to different regulations: the Bank Secrecy Act deals with anti-money laundering and reporting large cash transactions; Truth in Lending disclosures cover loan terms and costs rather than privacy; and “Disclosures and advertising” is too vague and not the primary purpose of GLBA.