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.
Assessing GLBA: ten years after the "Fall of the Wall": a look at how the barrier-breaking Gramm-Leach-Bliley Act has fared against its stated goals of facilitating competition and innovation
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.
WEST VIRGINIA INSURANCE COMMISSIONER LOSES OCC PREEMPTION SUIT
The GLBA reaffirms the McCarranFerguson Act, which recognizes the legal authority of the state to regulate insurance activities.
The Emerging Impact of the Financial Services Modernization Act
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.
Gramm-Leach-Bliley's surprising effects
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.
Legal and ethical considerations regarding outsourcing: members must comply with the Code of Professional Conduct and other pronouncements

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