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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Privacy was not an issue during the first four years of debate on the Financial Services Modernization Act of 1999 (the GrammLeach-Bliley act).
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.
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.
The Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, requires financial institutions to provide "a clear disclosure to all their clients concerning their privacy policies" and further explain how they individually share information with affiliates and third parties.
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 Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, requires banks, credit unions, brokerage houses, investment companies, and other financial institutions to meet standards for the protection of customer personal information.
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AAL chose to embark on this new venture as a result of the Financial Services Modernization Act of 1999, which repealed the Depression-era law that limited financial services consolidation between commercial banks, investment banks and insurers.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.

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