BENSON ET AL., FINANCIAL SERVICES MODERNIZATION: GRAMM-LEACH-BLILEY ACT OF 1999
: LAW AND EXPLANATION 25 (1999) ("The Glass-Steagall Act was a response to the stock market crash of 1929, which in today's figures was equivalent to a more than 1,300 point one-day drop in the Dow Jones Industrial Average.
The SEC published for comment proposed regulation B, which would implement provisions of the Gramm-Leach-Bliley Act of 1999
(GLBA) that delineate the securities activities in which banks may engage without registering as brokers under the Securities Exchange Act of 1934 (www.sec.gov/news/press/2004-73.htm).
In addition, mutual-holding-company legislation reached the federal level with a provision in the Gramm-Leach-Bliley Act of 1999
stating that companies domiciled in states that don't allow for mutual-holding-company structure can redomesticate to another state to create such a restructure, without any recourse against the company from its domiciled state.
It would block states from enacting laws to change the information-sharing system set up in the Gramm-Leach-Bliley Act of 1999
. The proposed act would also make permanent a preemption provision in the Fair Credit Reporting Act that allows financial and retail firms to share certain customer data among their affiliates.
The Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC) (collectively, the "Agencies") are amending their uniform regulations implementing section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act) to effectuate the amendment contained in section 106 of the Gramm-Leach-Bliley Act of 1999
. Section 109 prohibits any bank from establishing or acquiring a branch or branches outside of its home State under the Interstate Act primarily for the purpose of deposit production, and provides guidelines for determining whether such bank is reasonably helping to meet the credit needs of the communities served by these branches.
The standards are mandated by the Gramm-Leach-Bliley Act of 1999
and are designed to ensure the security of customer records, defend against anticipated threats, and protect against unauthorized access.
The book contains analysis of the impact of 16 relevant statutes, ranging from the Civil Rights Act of 1866 to the Gramm-Leach-Bliley Act of 1999
, on the banking insurance and real estate industries.
Gramm-Leach-Bliley Act of 1999
established a set of comprehensive privacy laws at the federal level applicable to any firm that provides financial services.
The Gramm-Leach-Bliley Act of 1999
, requiring companies to disclose how they're using consumer data, goes into effect.
Q The Gramm-Leach-Bliley Act of 1999
brought in accountants as part of the Privacy of Consumer Financial Information section of the act.
These notices were required by the "Financial Services Modernization Act" (Gramm-Leach-Bliley Act of 1999
This bill would bring the CRA in line with the expanded powers and modernization of the financial services industry with the passage last year of the Gramm-Leach-Bliley Act of 1999