The Gramm-Leach-Bliley Act (GLBA) of 1999 requires banking and financial institutions across the United States to describe how they will protect the confidentiality and security of consumer information.
Violations of GLBA If you are found non-compliant, you could be vulnerable to severe fines and even subject to class-action lawsuits.
Take the following penalties into consideration:
The officers and directors of the financial institution could be subject to, and personally liable for, a civil penalty of up to $10,000