Financial Services Modernization Act of 1999


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Financial Services Modernization Act of 1999

Legislation in the United States that deregulated much of the American financial industry. It permitted banks, insurance companies and investment banks to offer each other's products for the first time since the Great Depression. That is, the same companies could offer insurance, brokerage services and/or regular banking services. The legislation resulted in a great deal of consolidation in the financial sector. Critics maintain that it caused banks to take on unnecessary risks that led to the late 2000s recession. It is more commonly called the Gramm-Leach-Bliley Act after its principal authors.
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The biggest development in the wake of the Financial Services Modernization Act of 1999 may be that international competitors will make larger inroads into the U.
AAL chose to embark on this new venture as a result of the Financial Services Modernization Act of 1999, which repealed the Depression-era law that limited financial services consolidation between commercial banks, investment banks and insurers.
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 has contributed to the use of data warehousing and data-mining techniques in both the banking and insurance industries.
AAL's new venture is a result of the Financial Services Modernization Act of 1999 that repealed the Depression-era law limiting financial services consolidation between commercial banks, investment banks and insurers.
The five trade groups submitted a document to the IRS in July noting that enactment of the Financial Services Modernization Act of 1999 will "increase the frequency of sales and purchases of insurance companies.
The study focused on the impact of The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 (also known as HR10), which allows banks, securities firms and insurance companies to affiliate under the umbrella of financial holding companies and create large entities.
As with the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, there is concern about the definition of "nonpublic" or "identified" information.
The NAIC model governs the qualifications and procedures for the licensing of insurance producers and is designed to avert formation of the National Association of Registered Agents and Brokers under a provision of the of the Financial Services Modernization Act of 1999.
ReliaStar said it is the first financial-services company to receive permission to organize and operate a national bank under the Financial Services Modernization Act of 1999.
The Financial Services Modernization Act of 1999 regulates the flow of sensitive and valuable information to and from financial institutions.

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