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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Thus, the GLBA appears to have been effective at generating new customers for financial institutions as a result of their products being marketed by other businesses.
He said Section 92 of the National Bank Act provides OCC with "explicit authority to regulate the sale of insurance by national banks located in small towns" and the GLBA expands that authority to nationwide sale of insurance by national banks.
The GLBA reaffirms the McCarranFerguson Act, which recognizes the legal authority of the state to regulate insurance activities.
Although a majority of financial holding companies in the Sixth District and the United States are currently not engaged in any GLBA activities, the financial holding company designation will allow bank holding companies to respond more quickly to market developments and opportunities.
Furthermore, the FTC promulgated safeguard rules that require a financial institution, which, again, could be anyone offering financial services, to oversee the third-party provider's use of the information and ensure compliance with GLBA.
In addition to providing immediate protection from diverse email security threats - including spam, viruses, phishing, spyware, dangerous URLs and other email abuse, the powerful Mailstream Manager policy engine provides messaging compliance by enabling point and click creation of policies for the enforcement of SB 1386, GLBA and HIPAA, among others.
Hosting Ecora's GLBA Webinar is the company's Founder and Chief Technology Officer, Alex Bakman.
Sarbanes-Oxley, HIPAA, GLBA, SB 1386) using a standard framework such as ISO 17799 or CobiT.
The company's patent-pending enterprise solution, TraceSecurity Compliance Manager, helps customers satisfy national and international data security compliance requirements mandated by such regulations as GLBA, Sarbanes-Oxley, and HIPAA.
Under the terms of the agreement, Palisade will also integrate ZixCorp's powerful HIPPA and GLBA policy inspection technology into the PacketSure solution.