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).
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)
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
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.
Lawyers Ask for Exemption From Law That Requires Churning Out ``Privacy Notices'' to Clients
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 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.
Riptech Assists Financial Institutions in Bolstering Information Security as Gramm-Leach-Bliley Act Compliance Deadline Approaches
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.
ING Officer Seeks Better Understanding of Integration
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 Dawn of a New Era in Financial Services Beginning Today'; AAL Bank and Trust, FSB, A Response to Recent Changes in Banking Industry
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
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.
Office of Thrift Supervision Gives Nod to AAL; AAL Bank and Trust, FSB, Will Open in Early June
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.
Federal LTC Program Offered

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