Financial Services Modernization Act of 1999

(redirected from GLBA)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia.

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.

Mentioned in ?

Gramm-Leach-Bliley Act

References in periodicals archive ?

Another route to engaging in nonbanking or nonfinancial activity--and the focus of this Note--is under Section 4(o) of the GLBA, the Grandfather Provision.

Grandfathered into Commerce: Assessing the Federal Reserve's Proposed Rules Limiting Physical Commodities Activities of Financial Holding Companies

While the EFTA and TILA are good resources to start creating more protections for consumers using mobile payments, the GLBA should also be used to establish privacy and data security provisions from mobile payment companies.

WHAT'S IN YOUR WALLET? ADDRESSING THE REGULATORY GREY AREA SURROUNDING MOBILE PAYMENTS

(60) See McTaggart & Freese, supra note 9, at 495 (noting that Congress, the Federal Reserve Board, nor the courts have made explicit the GLBA application to mobile payment systems).

Mobilizing payments: behind the screen of the latest payment trend

Further, a section of the GLBA erected new barriers to the ability of a nonfinancial firm to own a depository institution.

The Gramm-Leach-Bliley Act of 1999: a bridge too far? Or not far enough?

and soundness of the depository." (25) The GLBA listed certain

The "Volcker Rule": proposals to limit "speculative" proprietary trading by banks

The GLBA was not the first legislation to repeal portions of the Glass-Steagall Act.

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

The volatility Equations (2), (4), and (6) include ARCH and GARCH factors, risk spillover factors across different insurer categories, and a binary variable for the passage of the GLBA, also known as the Financial Services Modernization Act.

Market risk, interest rate risk, and interdependencies in insurer stock returns" a System-GARCH model

"Certainly the Sarbanes-Oxley Act, GLBA, and changes in the FRCP alerted companies to develop better internal controls to guard privacy and prevent and detect fraud," said Gary Corcoran, systems manager at Central Insurance.

Covering your bases: examining document retention in the claim department

Prior to October 13, 2006, GLBA required accountants to provide annual notices to clients regarding their privacy policies.

Privacy Principles for accountants: legal issues and business opportunities

The regulators encourage institutions to provide the notice in conjunction with other disclosures including the annual GLBA privacy notice (where most institutions already include the FCRA information sharing notice).

Untangling the new rules for affiliate marketing: new federal regulations place limits on how financial institutions can market to consumers using information obtained from affiliate

The means and opportunities to do harm to consumers via identity theft have also increased in number and effectiveness, so many that analysts and congressmen alike believe it's time to update the granddaddy of data security laws, the Gramm-Leach-Bliley Act (GLBA).