What is the purpose of the Gramm-Leach-Bliley Act?

The Gramm-Leach-Bliley Act (GLBA), enacted in 1999, primarily focuses on protecting consumers' personal financial information held by financial institutions. The correct answer highlights the significance of privacy and security in the financial sector. Under the GLBA, financial institutions are required to implement measures that safeguard customer data and disclose their privacy policies. This serves to ensure that consumers are informed about how their personal information is collected, used, and shared, thus enhancing consumer protection in an era where information security is paramount.

While competitive financial services, transparency in lending, and interest rate regulations are relevant topics in the financial industry, they do not encapsulate the primary purpose of the Gramm-Leach-Bliley Act. The key aspect of GLBA lies in its emphasis on consumer privacy and data protection, which is why the choice that identifies it as the Act's purpose is the most accurate.