GLBA meaning and definition
The Graham-Leach-Bailey Act (GLBA) is a 1999 law that allowed financial services companies to offer both commercial and investment banking, something that had been banned since the Great Depression. The general public may be most aware of the GLBA in the context of debates as to whether it helped cause the 2008 subprime mortgage crisis, but for IT professionals, it s much better known for the data security and privacy mandates it imposes on a wide range of companies and organizations, even beyond the banking industry. While many of these rules represent best IT practices, the legal stakes of noncompliance are high, with big fines and even potential jail time looming for those who fall short.