Under GLBA regulations, what must consumers be informed about regarding their personal information?

Under the Gramm-Leach-Bliley Act (GLBA), consumers are granted specific rights regarding their personal information, particularly concerning how financial institutions handle and share that data. The GLBA aims to protect consumer privacy by requiring institutions to provide clear notices about their information-sharing practices and the rights of consumers.

Consumers have the right to opt-out of information sharing with non-affiliated third parties, except in certain situations such as sharing necessary for everyday business operations or compliance with the law. This opt-out mechanism allows consumers some agency over how their personal information is used, enabling them to refuse consent for the sharing of their data beyond certain accepted practices.

The other options do not reflect the provisions of the GLBA accurately. For instance, consumers do not lack rights; they certainly can exercise rights concerning their data. The act of only having the option to request information once is also misleading and does not align with the regulations under the GLBA that allow consumers more extensive access to their information. Thus, the correct understanding here aligns with the protection offered to consumers, emphasizing their right to opt-out of unnecessary data sharing practices.