GLBA

(redirected from Financial Services Modernization Act of 1999)
Also found in: Financial, Acronyms.

GLBA

(Gramm-Leach-Bliley Act) Enacted in 1999 and effective mid-2001, the GLBA (officially the Financial Services Modernization Act of 1999) stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. In addition, the Act requires data subjects to be informed of privacy policies and to have an opportunity to inspect and correct their own records. For more information, visit www.ftc.gov/privacy/privacyinitiatives/glbact.html and www.fmcenter.org/fmc_superpage.asp?ID=394. See privacy.
References in periodicals archive ?
The first NARAB statute, which was part of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, was supposed to make it easier for producers licensed in one state to do business in other states.
The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, dealt the mortal blow by ending the ban on combining commercial and investment banking.
Accordingly, this empirical note investigates factors influencing the bank failure rate over the period 1970 through 2008, with emphasis on a major banking statute, namely, the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLBA), a statute that essentially repealed the Glass-Steagall Act of 1933.
banking industry." (1) Some of the roots the current financial crisis started taking hold in 1999, when Congress passed the Financial Services Modernization Act of 1999, also known as the Graham-Leach-Bliley Act.
The Financial Services Modernization Act of 1999 (FSMA) dismantled important legislative safeguards and circumvented the ability of the Securities and Exchange Commission to effectively regulate certain security-based exchanges.
Nason compared the current review to the work that produced the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
Congress' Financial Services Modernization Act of 1999 effectively repealed Glass-Steagall, but most people who grew up in the Glass-Steagall world still perceive that insurers sell insurance, and they don't necessarily view an insurance agent as a trusted financial adviser for a whole series of products they may need, Halverson said.
Also known as the Financial Services Modernization Act of 1999, GLBA requires financial institutions to provide "a clear disclosure to all their clients concerning their privacy policies" and to explain how they individually share information with affiliates and third parties.
After passage of the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, Oxley moved over to head the newly expanded and renamed Financial Services Committee.
Under the privacy provisions of the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, banks, credit card companies and other financial institutions that provide financial products or services to consumers must ensure the security and confidentiality of customer records and information, protect against any anticipated threats or hazards to the security or integrity of these records and protect against unauthorized access or use.
Most prominent among these were the Riegle-Neal Interstate Banking and Branching Act of 1996 and the Gramm-Leach-Bliley Financial Services Modernization Act of 1999. There is no doubt that the new banking environment created by these two laws affected the ability of banks to operate successfully in the new world order.

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