What is the "Opt-Out" provision under GLB?

The "Opt-Out" provision under the Gramm-Leach-Bliley Act (GLB) specifically refers to the right of consumers to prevent the sharing of Nonpublic Personal Information (NPPI) by financial institutions with non-affiliated third parties. This provision is essential in the context of consumer privacy, as it grants individuals control over their sensitive personal information, which can include details about their financial status, transaction history, and other personal identifiers.

By allowing consumers to opt-out, the GLB ensures that individuals can take steps to limit who can access their private financial information, thereby enhancing their privacy protections. This is particularly significant in an era where data sharing among businesses can be extensive. It emphasizes the importance of consumer consent in the handling of personal data by financial institutions.

The other options listed pertain to generic instances of opting out, such as unsubscribing from advertisements or newsletters, or terminating service contracts, which do not specifically relate to NPPI or the primary purpose of the GLB's provisions.