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
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.
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.
Federal LTC Program Offered

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