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Gramm-Leach-Bliley Act
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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 Most importantly, the Gramm-Leach-Bliley Act repealed provisions of the 1933 Glass-Steagall Act that prohibited banks from participating in both commercial banking and investment banking.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.
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