GLBA was enacted, in part, to allow financial services institutions to consolidate. Prior to GLBA, banks, securities firms, and insurance companies were required to remain separate as per the Glass-Steagall Act of 1933.
In addition to repealing the Glass-Steagall Act, GLBA includes requirements for financial services institutions to protect consumers' "nonpublic personal information". This is provisioned through the "Financial Institutions Safeguards" section in GLBA that requires institutions to implement safeguards to achieve the following:
GLBA tasks a number of federal agencies with enforcement of GLBA. In addition to enforcement, GLBA requires that these agencies establish appropriate standards for the financial institutions subject to their jurisdiction relating to administrative, technical, and physical safeguards. Some examples of governing bodies that have created a "Safeguards Rule" in accordance with section 501(b) of GLBA include: