Gramm-Leach-Bliley Act One of the aspects of the Gramm-Leach-Bliley Act (GLB) requires banking and financial institutions across the United States to describe how they will protect the confidentiality and security of consumer information. Violations of GLB If you are found non-compliant, you could be vulnerable to severe fines and even subject to class-action lawsuits. Noncompliance can result in the following:
- Organizations can be fined from $10,000 to $500,000 for each violation.
- Individuals can be fined from $5,000 to $250,000 for each violation.
- Fines can be doubled for aggravated cases.
- Imprisonment for up to five years is possible. Ten years for aggravated cases.