Under the GLB Act, an individual who obtains a financial product or service from a financial institution is a what?

Under the GLB Act, an individual who obtains a financial product or service from a financial institution is a what?

• A. borrower
• B. consumer
• C. creditor
• D. customer

Answer: (B)

Under GLB, an individual who obtains financial products or services from a financial institution is described as a consumer. This term covers people using or seeking personal, family, or household financial products or services. The idea is that a one‑time or initial transaction still places you in the consumer category. A customer, on the other hand, refers to someone with an ongoing relationship with the institution, which is a separate concept used for certain privacy notice purposes. Borrower and creditor denote roles in lending, not the basic privacy-related classification the GLB Act uses here. So the best fit for the scenario is consumer.

Under GLB, an individual who obtains financial products or services from a financial institution is described as a consumer. This term covers people using or seeking personal, family, or household financial products or services. The idea is that a one‑time or initial transaction still places you in the consumer category. A customer, on the other hand, refers to someone with an ongoing relationship with the institution, which is a separate concept used for certain privacy notice purposes. Borrower and creditor denote roles in lending, not the basic privacy-related classification the GLB Act uses here. So the best fit for the scenario is consumer.