Which act is also known as the Privacy Act?

The correct answer is the Gramm-Leach-Bliley Act, which is often associated with privacy provisions that protect consumers’ personal financial information held by financial institutions. The act includes requirements that financial institutions establish privacy policies and practices, disclose those practices to consumers, and provide consumers with the ability to opt-out of certain information sharing. This focus on safeguarding privacy rights is why it is commonly referred to as the Privacy Act in discussions about consumer financial protection and privacy regulations.

Understanding the context of the other acts provides clarity on why they are not regarded as the Privacy Act. The Real Estate Settlement Procedures Act primarily addresses transparency in settlement costs in real estate transactions, while the Truth in Lending Act focuses on the disclosure of loan terms and the cost of credit to consumers. The Consumer Financial Protection Act is more about creating a regulatory body to oversee consumer protection in financial transactions instead of directly establishing privacy laws like the Gramm-Leach-Bliley Act.