[G068]

Gramm-Leach-Bliley Act (GLB)

Also known as the Financial Services Modernization Act, which took effect in November 1999. The GLB’s major impact is on the greater freedoms of banks, insurers and security firms to participate more widely in financial areas that used to be strictly defined, such as banks, through holding companies, being able to purchase insurers or brokerages and sell such products. The other area concerns privacy rights and the new requirements placed on companies regarding how customer data is collected, used and shared.