This white paper gives a brief overview on the Gramm-Leach-Bliley act. The impetus for the passage of the Gramm-Leach-Bliley Act (GLBA) was the merger between Citicorp and the Travelers Group. Citigroup took advantage of a provision of the Bank Holding Company Act that grants a company that becomes a bank holding company by virtue of its acquisition of a bank a two-year period (subject to three additional one-year extensions) in which to divest itself of operations that are not permissible for a bank holding company.
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