| Publisher | Federal Reserve Bank of Philadelphia | ||
|---|---|---|---|
| Format | 424.6KB PDF | Date added | 11 Apr 2000 |
| Topics | Gramm-Leach-Bliley Act | ||
| Downloads | 57 | ||
The Gramm-Leach-Bliley Act of 1999 will significantly affect the financial services industry. By repealing provisions of the Glass-Steagall Act (sections 20 and 32), the Act facilitates affiliations between banks and securities firms. The Act also authorizes bank holding companies and foreign banks that meet certain eligibility criteria to become financial holding companies. In addition, the Act provides for functional regulation of FHCs, protects nonpublic customer information of financial institutions, alters supervision related to the Community Reinvestment Act, and makes miscellaneous regulatory changes.
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