    

|
|
Gramm-Leach-Bliley Act
|
The Gramm-Leach-Bliley Act is a federal banking and securities law passed by Congress on November 12, 1999. The Gramm-Leach-Bliley Act is also referred to as the Financial Services Modernization Act of 1999. Indeed, the Gramm-Leach-Bliley Act has significantly changed the operations and business model of the banking industry defined by the Bank Holding Company Act of 1956 and the 1933 Glass-Steagall Act. Most importantly, the Gramm-Leach-Bliley Act repealed provisions of the 1933 Glass-Steagall Act that prohibited banks from participating in both commercial banking and investment banking. As a result of the Gramm-Leach-Bliley Act, federally regulated banks longer had to choose, they could diversify their activities and offer financial services. The Gramm-Leach-Bliley Act further allowed banks to provide insurance services to its customers. Before the Gramm-Leach-Bliley Act, per the Bank Holding Company Act of 1956, commercial banks were prohibited from underwriting insurance policies. GLBA is the anacronym for the Gramm-Leach-Bliley Act.
Rate this Gramm-Leach-Bliley Act definition...
|
|
Where is the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day.
|
Popular Terms: EBITDA, liquidity ratio, 401a, deferred tax, command economy, 144a, per diem, margin rate, deferred revenue, required rate of return, cancelled check, open position, stock split, ex-dividend, implied volatility, in escrow, irrevocable trust, limit order, quality assurance, risk management, 1035 exchange, Key Rate Duration, class C shares, current ratio, Zero Cost Collar, 1031 exchange, wholly-owned subsidiary, VIX, reverse mortgage, retained earnings, phantom income, option premium, minority interest, labor relations, ex-dividend date, covered put, real GDP, LIBOR, inflation, dividends payable, diluted share, debt service coverage, balance sheet, APR, equities, average price per share, FICO score, FTSE, stock market close
|
|
| |