Which part of the Gramm-Leach-Bliley Act is focused on consumer privacy?

The correct answer is the Financial Privacy Rule, which is a vital component of the Gramm-Leach-Bliley Act. This rule focuses explicitly on how financial institutions handle the personal nonpublic information of their customers. It requires financial institutions to provide their clients with privacy notices, explaining what types of information are collected, how they will use it, and under what circumstances they may share this information with third parties.

Furthermore, the Financial Privacy Rule establishes protocols for customers to opt-out of certain information-sharing practices, thereby giving individuals greater control over their private information. This addresses concerns about consumer privacy in an environment where various financial services can easily share data due to the loosening of barriers between different types of financial institutions created by the Gramm-Leach-Bliley Act.

In contrast, the other options do not pertain specifically to consumer privacy. Consumer Credit Counseling relates to services aimed at helping individuals manage their debt, Usury Rate Limitations involve the legal limits on interest rates for loans, and the Bankruptcy Protection Clause focuses on legal provisions related to bankruptcy and debt relief. None of these directly addresses the privacy of consumer data as the Financial Privacy Rule does.