Gramm-Leach Bliley Act (GLBA)

What is Gramm-Leach Bliley Act (GLBA)?

Gramm-Leach Bliley Act (GLBA) is act, repealing Glass-Steagal Act of 1933, allows consolidation of commercial banks, investment institutions and insurance companies. Established a framework of responsibilities of federal and state regulators for these financial industries. It permits financial services companies to merge and engage in a variety of new business activities, including insurance, while attempting to address the regulatory issues raised by such combinations.

 

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