Which federal act establishes protections for consumer financial information?

The Gramm-Leach-Bliley Act is indeed the correct answer as it specifically addresses the protection of consumer financial information. Enacted in 1999, this federal law requires financial institutions to ensure the confidentiality and security of consumers' personal financial data. It mandates institutions to create privacy policies that inform consumers about their data collection practices and allows consumers to opt-out of certain information-sharing practices with non-affiliated third parties.

This act plays a critical role in regulating how consumer data is handled in the financial sector, ensuring that individuals’ sensitive information is safeguarded against unauthorized access and disclosure. Financial institutions are also required to implement measures to protect this data from breaches and to report on how they maintain the privacy of consumer information.

While the Consumer Financial Protection Act and the Fair Credit Reporting Act also relate to consumer protection in financial matters, they focus on different aspects; the former is more about consumer financial services and protections, and the latter primarily governs the accuracy of consumer reporting data. The Financial Data Protection Act is not a recognized federal statute, making it an incorrect answer in this context.