Gramm-Leach-Bliley Act

(redirected from Gramm-Leach-Bliley Financial Services Modernization Act)

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.

Gramm-Leach-Bliley Act

Contains privacy provisions regarding consumers' financial information.Financial institutions are required to provide information to their customers regarding information-gathering and information-sharing practices.Consumers may opt out if they do not want their information shared with nonaffiliated third parties.

References in periodicals archive ?
Congress enacted the Gramm-Leach-Bliley Act (GLBA), also known as the Gramm-Leach-Bliley Financial Services Modernization Act.
Nason compared the current review to the work that produced the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
The impetus for the new screening and training program is the federal Gramm-Leach-Bliley Financial Services Modernization Act (15 U.
Among the most significant developments during his tenure at ACLI was passage of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
These rules are related to the federal Gramm-Leach-Bliley Financial Services Modernization Act (15 U.
NIPR is a byproduct of the Gramm-Leach-Bliley Financial Services Modernization Act, approved in 1999 as a final congressional attempt to enact nationwide regulatory standards.
Lazio was instrumental in passing the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
It is with the Virginia Bankers Association, which stepped up its efforts to help member banks sell insurance after Congress enacted in 1999 the Gramm-Leach-Bliley Financial Services Modernization Act.
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 requires that financial institutions ensure the security and confidentiality of customer personal information against 'reasonably foreseeable' internal or external threats.
Insurers must incorporate into their operations several new international, federal and state regulations dealing with privacy and security including the Gramm-Leach-Bliley Financial Services Modernization Act, the Health Insurance Portability and Accountability Act, the anti-money laundering USA PATRIOT Act; and state legislated optin/opt-out privacy mandates.
The expected rush of banks to affiliate with insurers has largely failed to materialize, despite the removal two and one-half years ago of barriers separating financial services firms with the passage of the Gramm-Leach-Bliley Financial Services Modernization Act.
Key legislative and regulatory initiatives -- such as the Sarbanes-Oxley Act of 2002, the USA PATRIOT Act of 2001, the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, and the New Basel Capital Accord (Basel II) -- are providing pressure.