According to the Gramm-Leach-Bliley Act, who is defined as a 'consumer'?

The definition of a 'consumer' under the Gramm-Leach-Bliley Act is broad enough to encompass individuals from varying contexts. In this case, an individual about whom a company collects information fits this definition precisely. The act emphasizes the protection of personal financial information, establishing that any person whose data is collected by a financial institution or related entity qualifies as a consumer. This highlights the focus on data privacy and the obligation of institutions to safeguard the personal information they obtain.

While it can be tempting to think of consumers solely as policyholders or loan applicants, the Gramm-Leach-Bliley Act extends that definition to anyone whose information is collected, irrespective of whether they hold a specific product or have an ongoing financial relationship with the institution. This ensures a comprehensive approach to consumer rights and data protection across the financial industry.