What must financial institutions provide when an account is established under the Gramm-Leach-Bliley Act?

Under the Gramm-Leach-Bliley Act (GLBA), financial institutions are required to provide customers with the opportunity to opt-out of information sharing with non-affiliated third parties. This is a key aspect of the GLBA, which aims to protect consumers' personal financial information. The act mandates that when a customer opens a new account, they must be informed about their right to limit the sharing of personal financial information, which is typically included in the bank's privacy policy.

This requirement is intended to give consumers control over their personal data and enhance their privacy protections. The opt-out provision means that customers can choose whether or not they want their information shared with other companies, thereby empowering them in managing their financial privacy.

The other options, while important in the overall context of financial transactions, do not directly relate to the specific requirements stipulated by the GLBA regarding consumers' rights to privacy and information sharing upon account establishment.