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.

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.

Mentioned in

References in periodicals archive

For several years, the Department of Education has published "Dear Colleague" letters (UB-mag.me/1612) that make it clear that institutions of higher education accepting Title IV federal aid are expected to comply with federal cybersecurity regulations, such as the Gramm-Leach-Bliley Act and the Federal Trade Commission's Red Flags Rule.

Financial aid faces cybersecurity scrutiny: New regulations mean greater emphasis on reporting breaches

In addition, Venmo allegedly misrepresented the extent to which consumers' financial accounts were protected by "bank grade security systems," and violated the Gramm-Leach-Bliley Act's Safeguards and Privacy Rules, according to the complaint.

FTC gives final approval to PayPal settlement over Venmo claims

4 signed into law a highway authorization bill that includes an amendment to the Gramm-Leach-Bliley Act that positively impacts real estate appraisers.

Bill eliminates annual appraiser privacy notice obligation

Morgan Stanley and Goldman have legal protection included in a clause in the 1999 landmark Gramm-Leach-Bliley Act.

Fed official calls on regulators to tighten rules on two banks

Summary: For more than 15 years, the Gramm-Leach-Bliley Act (GLBA) has governed data security in the banking industry.

National Retail Federation opposes expansion of Gramm-Leach-Bliley data security rules

Accordingly, this empirical note investigates factors influencing the bank failure rate over the period 1970 through 2008, with emphasis on a major banking statute, namely, the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLBA), a statute that essentially repealed the Glass-Steagall Act of 1933.

Bank failures in light of the Gramm-Leach-Bliley Act

Some of the roots of the current financial crisis started taking hold in 1999 when Congress passed the Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act. Gramm-Leach-Bliley brought about sweeping deregulation to the financial services industry.

What the financial services industry puts together let no person put asunder: how the Gramm-Leach-Bliley Act contributed to the 2008-2009 American capital markets crisis