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Gramm-Leach-Bliley Act
(redirected from Gramm-leach-bliley)

   Also found in: Acronyms, Wikipedia 0.01 sec.
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 others' 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.

Gramm-Leach-Bliley Act

Contains privacy provisions regarding consumers' financial information.Financial institutions are required to provide information to their customers regarding information-gathering and information-sharing practices.Consumers may opt out if they do not want their information shared with nonaffiliated third parties.



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[ILLUSTRATION OMITTED] Culprit or savior, the Gramm-Leach-Bliley Act is getting a lot of fresh debate for a law that was enacted 10 years ago.
Tim Yeager, an associate professor at the University of Arkansas, has found that the Gramm-Leach-Bliley Act of 1999 has had little effect on bank profitability.
13 signed into law the Financial Services Regulatory Relief Act of 2006 containing a provision that exempts CPAs from the Gramm-Leach-Bliley Act's annual privacy notification requirement.
 
 
 
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