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The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub. L. 106–102 (text), 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001).
The repeal of Glass-Steagall allowed mergers between different types of financial institutions to occur, which enabled increased efficiency in the dissemination of financial information. To promote consumer privacy, the Gramm-Leach-Bliley Act included regulations to limit the ways in which companies handled and shared financial data. [6]
The Glass–Steagall legislation was enacted by the United States Congress in 1933 as part of the 1933 Banking Act, amended as part of the 1935 Banking Act, and most of it was repealed in 1999 by the Gramm–Leach–Bliley Act (GLBA). Its protections and restrictions had also been chipped away during most of its existence by lenient regulatory ...
With the stroke of a pen, President Bill Clinton made the Gramm-Leach-Bliley Act into law. Here is what he said The wall separating banking and investing firms fell into ruin on Nov. 12, 1999.
The Gramm-Leach-Bliley Act (GLA) is a federal law that was signed into effect on November 12, 1999. This act placed increased limits and requirements for data collection by financial institutions, as well as limited how that information could be collected and stored.
During the 2009 United States House of Representatives consideration of H.R. 4173, the bill that became the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Representative Maurice Hinchey (D-NY) proposed an amendment to the bill that would have reenacted Glass–Steagall Sections 20 and 32, which had been repealed by the 1999 Gramm–Leach–Bliley Act (GLBA), and also ...
The Gramm-Leach-Bliley Act (1999) targeted information privacy practiced by financial institutions, as it required financial institutions to explain what, where, and how information will be collected and shared from the consumer to other entities. [27]
The Act prescribes statutory damages of $100 per violation, and a number of different violations can be aggregated in a class action. [3] Under the RFPA, the FBI could obtain records with a national security letter (NSL) only if the FBI could first demonstrate the person was a foreign power or an agent of a foreign power.