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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Moore, Bank on It: The Financial Services Modernization Act of 1999, ARK.
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
Privacy was not an issue during the first four years of debate on the Financial Services Modernization Act of 1999 (the GrammLeach-Bliley act).
Lawmakers tackle privacy
Several legislators, state departments and even the state governor are looking to impose new privacy rules in California that would be more stringent than those set forth in the Financial Services Modernization Act of 1999, better known as Gramm-Leach-Bliley.
Secret identity: insurers have spent countless hours working to meet policyholder privacy requirements. Now the results are paying off in customer satisfaction and retention. (Industry Strategies)
But the passage of the Gramm-Leach-Biley Financial Services Modernization Act of 1999 has created some unlikely, and profitable, marriages .They are marriages of convenience, to be sure.
Blending Banking and Insurance
Insurers can move ahead of banks and brokers in online selling by offering other financial products as allowed by the Financial Services Modernization Act of 1999.
Leveraging the Law
Title V of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 contains comprehensive federal privacy protections for consumers, and it impacts all financial institutions, including insurance companies.
The Push for Privacy
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.S.
ING Officer Seeks Better Understanding of Integration
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.
Building a Better Warehouse
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." As a result, the industry and the public need clear federal guidance on associated tax issues and liabilities, as to the final application of the IRS ruling for the industry.
Federal LTC Program Offered
As with the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, there is concern about the definition of "nonpublic" or "identified" information.
The Great Privacy Debate
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.
ReliaStar Gets OK to Open Bank

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