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Topic: Financial Services Modernization Act

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	CRA Amendments in the Gramm-Leach Act
		The nonfinancial activities of firms predominantly engaged in financial activities (at least 85% financial) are grandfathered for at least 10 years, with a possibility for a five year extension.
		Provides for a study of the use of subordinated debt to protect the financial system and deposit funds from "too big to fail" institutions and a study on the effect of financial modernization on the accessibility of small business and farm loans.
		Clarifies that the disclosure of a financial institution's privacy policy is required to take place at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship.
	banking.senate.gov /conf/grmleach.htm (2115 words)

	Testimony of on the proposed Financial Services Modernization Act of 1999 (2/25/99)
		While the changes in the financial services market have the potential to create more choice and competition and lower the cost for consumers, consumers have been misled and deceived about the products banks sell and found themselves nickle-and-dimed to death with a plethora of ever-increasing fees.
		Financial firms have become masters of a marketing frenzy to current and potential customers, invading consumers’ mailboxes and telephone lines with abandon and almost no checks on their practices.
		Some of the financial services modernization proposals also contain a provision that would permit mutual insurance companies to move to other states to avoid having to adequately compensate their policyholders in conversions to stock form.
	www.consumersunion.org /finance/grammpdc499.htm (2717 words)

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		The American financial services industry, already one of the most heavily regulated and publicly visible business sectors to begin with, is now subject to additional comprehensive federal privacy regulation under Title V of the new Financial Services Modernization Act.
		The Act imposes affirmative privacy and security obligations on financial services institutions, requires disclosures and choices with respect to the sharing or reuse of customer information, and directs the federal and state regulatory bodies to adopt regulations and examination guidelines to assure compliance with the new law and with the Fair Credit Reporting Act.
		Financial services companies will be required to publicize their privacy policies and update or restate them at least annually, subjecting them as well to potential civil liability if they do not live up to their commitments.
	www.ita.doc.gov /td/ecom/CSI1299.htm (1371 words)

	Industry Studies - Financial Services (Site not responding. Last check: 2007-11-03)
		Financial firms are presently adapting to the opportunities and challenges created by the recent passage of the Financial Services Modernization Act.
		Banks are marketing their services aggressively and offering an increasing number of ways for customers to use their services “anywhere, anytime, anyhow.” Adding to their system of branch offices, banks have opened minibranches in grocery stores and shopping malls, and have greatly expanded their network of automated teller machines (ATMs).
		Now that the passage of the Financial Services Modernization Act has increased domestic competition by permitting cross-sales of the products of other sectors, firms that had come to rely upon old regulations to maintain their market share and profitability are likely to become vulnerable to takeover by firms that are better prepared and more competitive.
	www.ndu.edu /icaf/industry/2000/finance/finance.htm (6666 words)

	EPIC Gramm-Leach-Bliley Act Page (GLBA)
		Second, financial institutions are required to provide you with a notice of their information sharing policies when you first become a customer, and annually thereafter.
		Financial institutions should implement an opt-in approach to the use of personal information because this minimizes any unwanted or unknowing disclosure of information and places the burden of responsibility on those actors who will gain from the disclosure of information.
		Financial institutions should be required to provide customers with a statutory right of access to learn more about industry practices in order to know how the information is collected, who its affiliates are, and what the information collected for is used.
	www.epic.org /privacy/glba (4740 words)

	Testimony of Thomas E. Geyer, Ohio Securities Commissioner & Securities of Banks Project Group Chair (Site not responding. Last check: 2007-11-03)
		Financial services reform must be congressionally directed, not dictated on an ad-hoc basis by federal regulators and agencies.
		When the Securities Exchange Act was enacted in 1934, it excluded banks from the securities regulatory regime for brokers and dealers because Congress believed that bank securities activities were sufficiently limited by the Glass-Steagall Act that passed the previous year.
		Because banks may be the only financial institution they have ever dealt with or have access to, securities customers at banks must receive the same level of protections provided other investors.
	www.nasaa.org /Issues___Answers/Legislative_Activity/Testimony/897.cfm (2316 words)

	Financial Privacy: The Shortcomings of the Federal Financial Services Modernization Act
		Now we are being told by industry that the kinds of products and services that will be offered as a result of the merger of their financial, insurance and securities data are so beneficial that no consent is required -- not the up-front opt in, or the after-the-fact opt-out.
		And given the sensitivity of one's customer data within the financial services industries, I am not sure that opt-out can ever be adequate, even with the most stringent disclosure requirements.
		Because of the sensitivity of customer data as well as the potential for the data to be used in ways that are harmful to consumers, it is critical that strong opt-in and disclosure standards be passed into law for both affiliate and third party sharing.
	www.privacyrights.org /ar/fin_privacy.htm (3527 words)

	Untitled Document (Site not responding. Last check: 2007-11-03)
		After decades of debate, the financial services laws will finally be modernized to repeal Depression-era restrictions that prohibited broad affiliations among the banking, securities and insurance industries.
		The historic Gramm-Leach-Bliley Financial Services Modernization Act of 1999 pro- vides opportunities for all financial services providers to restructure and refocus their business strategies as they enter the new millennium.
		To be successful, a diversified financial holding company from one segment of the industry must understand, appreciate, and integrate the different regulatory cultures and demands of its subsidiaries.
	www.mfainfo.org /neo_apps/article/article1.asp?article_id=1241&adate=1/1/2000 (1058 words)

	Brief Summary of Financial Services Act (Site not responding. Last check: 2007-11-03)
		The United States Senate and House of Representatives passed the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 by votes of 90 to 8 and 362 to 57 respectively (See Washington Observations).
		Financial services regulators will develop and enforce privacy rules.
		Financial firms and community groups must disclose certain CRA agreements and provide annual reports.
	www.fsround.org /brsumry.html (325 words)

	Who We Are (Site not responding. Last check: 2007-11-03)
		Michigan is the first state to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.
		The position of Chief Deputy Commissioner for the Office of Financial Evaluation is held by Richard D. Lavolette.
		Through adaptability and consumer communication, the staff members of the Office of Financial and Insurance Services strive to be the preeminent financial service regulators in the United States.
	www.michigan.gov /cis/0,1607,7-154-10555-40268--,00.html (359 words)

	Federal Reserve Bank of Minneapolis-The Region-Summary of the Gramm-Leach-Bliley Act (Special Issue 2000) (Site not responding. Last check: 2007-11-03)
		It is certainly telling about the complexity of the Financial Services Modernization Act that the summary of its provisions, as presented by the Senate Banking Committee, comes to six single-spaced pages.
		The 1933 Glass-Steagall Act's prohibitions on affiliations between banks and securities companies are repealed, as are the prohibitions on affiliations between the banking and insurance industries under the 1956 Bank Holding Company Act.
		While the bill clarifies that nothing in the act repeals any provision of the CRA, it does make changes in how often banks are examined for their compliance, and also creates additional disclosures relating to CRA.
	minneapolisfed.org /pubs/region/00-03/glb-summary.cfm (516 words)

	glossary entry (Site not responding. Last check: 2007-11-03)
		The Financial Services Modernization Act (FSMA) is also known as the Gramm-Leach-Bliley Act (GLBA), after it's Congressional sponsors, and as the Financial Modernization and Privacy Act, following one of its legislative titles.
		FSMA permits banks, brokerage firms, insurance companies and other financial institutions to operate as a single entity, eliminating limitations on joint ventures that had been in place since the Depression.
		FSMA requires that financial institutions provide customers with a "Privacy Policy" notice, similar to that required by HIPAA's Privacy Rule, that outlines the organization's data practices.
	www.miami.edu /ethics/privacy/glossary/xd_fsma.htm (137 words)

	Oversight Hearing On Financial Privacy and the Gramm-Leach-Bliley Financial Services Modernization Act
		Financial privacy is not merely an issue of a few "nuisance" phone calls, as industry would like to portray it.
		The Commission recognizes that § 313.15(a)(5) permits the continuation of the traditional consumer reporting business, whereby financial institutions report information about their consumers to the consumer reporting agencies and the consumer reporting agencies, in turn, disclose that information in the form of consumer reports to those who have a permissible purpose to obtain them.
		This could occur if the originating financial institutions disclose in their privacy policies that they share consumers' nonpublic personal information with consumer reporting agencies, and provide consumers with the opportunity to opt out.
	www.privacyrights.org /ar/USPirg-GLB0902.htm (6843 words)

	NAHU - Issues: NAHU Position on the NARAB Provisions of the Financial Services Modernization
		The enactment of the federal Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act, has had many far-reaching implications on the insurance industry.
		While financial modernization and integration is a necessary and laudable goal, it should not be at the expense of the consumer.
		The implementation of the model act will not only prevent the creation of NARAB, but it will also improve the overall efficiency of the agent and broker licensing process and make it easier for all producers to transact business in today's global economy.
	www.nahu.org /government/issues/state_regulation/nahu_position2.htm (342 words)

	The War on CRA: Communities Need to Capitalize on Financial Services Modernization Act, by George Knight
		While some in the financial services industry may complain about the "regulatory burden" of CRA, you would be hard pressed to find many of them arguing that it has not opened up new and profitable markets.
		One potentially disruptive aspect of the financial modernization act could be the impact of its so-called "sunshine" provisions on nonprofits.
		With or without this legislation, the pace of innovation in the financial services sector was sure to increase.
	www.nhi.org /online/issues/108/knight.html (607 words)

	Gramm-Leach-Bliley Financial Modernization Act of 1999 - A Texas Perspective (Site not responding. Last check: 2007-11-03)
		While creating opportunities for financial institutions to engage in a broader spectrum of activities, GLBA also places additional burdens on financial institutions, such as new consumer privacy safeguards and disclosure requirements.
		However, GLBA also recognizes the vital regulatory interests of the states by endorsing "functional regulation" of financial institution activities by those regulatory agencies, both state and federal, that are most knowledgeable regarding the need for and public policies underlying regulation of a specific activity.
		The vital interests of the State of Texas will be best served by empowering state-chartered financial institutions to fully participate in and adapt to the modern financial environment in a manner consistent with safety and soundness and the purpose of functional regulation.
	www.finmod.state.tx.us (528 words)

	Find in a Library: H.R. 10--the Financial Services Modernization Act of 1999 : hearings before the Committee on Banking ...
		Find in a Library: H.R. 10--the Financial Services Modernization Act of 1999 : hearings before the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, first session, February 10, 11, 12, 1999.
		H.R. 10--the Financial Services Modernization Act of 1999 : hearings before the Committee on Banking and Financial Services, U.S. House of Representatives, One Hundred Sixth Congress, first session, February 10, 11, 12, 1999.
		Financial institutions -- Law and legislation -- United States.
	worldcatlibraries.org /wcpa/ow/76d39de38997c810a19afeb4da09e526.html (137 words)

	Special Report: Financial services reform and what it means
		Instead, the debate over financial services reform devolved into an intense turf battle between Congress and the White House over who would exert more regulatory control: the Federal Reserve or the Treasury Department.
		At its core, the idea is to repeal the Glass-Steagall Act of 1933, a law that was passed in response to the Great Depression, which barred banks, insurance companies and securities brokerages from getting into each others' business.
		The restrictions on financial services were enacted because legislators blamed the Depression partly on conflicts of interest among banks, real-estate developers, manufacturers, insurance companies and brokerages.
	www.bankrate.com /brm/news/special/19991015.asp (1300 words)

	Information Security Plan
		While Technology Services is responsible for the identification of internal and external risk assessment, all members of the College community have a shared responsibility for risk assessment.
		Technology Services will work with other areas of the College to develop guidelines for security of any covered servers in locations outside the central server area, that are maintained by staff other than Technology Services staff, or that are maintained by third-party service providers.
		Service Packs, Patches, and Upgrades: Technology Services assumes the responsibility of assuring that patches and service-level releases for operating systems or software environments are up to date, and will keep records of patching and upgrade activity.
	www.hartwick.edu /x3140.xml (1883 words)

	H.R. 10, the Financial Services Modernization Act of 1999 (Site not responding. Last check: 2007-11-03)
		Financial modernization is already occurring, as you well know, in the marketplace through combinations of firms and also through the development of products in one sector functionally similar to products in other sectors.
		Chairman, though we favor financial modernization legislation, when you look at developments around the world over the last couple of years, the sorts of things that you and I were chatting about a moment ago, Mr.
		First, financial services firms should, like other companies, have the choice of structuring themselves in the way that they think makes the most business sense and this, in turn, should lead to better service and lower costs for their customers.
	commdocs.house.gov /committees/bank/hba54744.000/hba54744_2.HTM (17851 words)

	Financial Services Modernization Act (Site not responding. Last check: 2007-11-03)
		This Act, also known as the 'Gramm-Leach-Bliley Act', repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for U.S. financial firms and allow them to compete better in the evolving global financial market place.
		Analysts and industry leaders say the legislation will likely fuel a wave of mergers in the financial industry as companies compete to build "financial supermarkets" offering all the services customers need under one roof.
		A copy of more detailed summary of provisions of the Financial Services Modernization Act is available by e-mail request to me. Also, a complete text copy of this Act will be furnished to you upon request.
	members.aol.com /kwesso/Glb.htm (236 words)

	Defining Data: Federal Reserve proposes rules on financial privacy
		The Financial Services Modernization Act, signed into law last November, overhauls the nation's financial industry by permitting banks, financial institutions, insurance and securities firms to merge and offer competing products and services.
		But it also makes it tougher for the industry to share personal data by enabling consumers to prevent a financial institution from disclosing non-public personal information to third parties that are not affiliated with the financial institution without written permission.
		In addition, the act allows consumers to opt out of having personal information shared with anyone and requires the holder of that data to annually provide consumers with a written copy of its privacy policy and a list of the companies or organizations with which it shares that information.
	directmag.com /mag/marketing_defining_data_federal/index.html (550 words)

	Common Questions & Answers Related to Gramm-Leach-Bliley (Site not responding. Last check: 2007-11-03)
		The act enables affiliates of the same firm to share consumer information among themselves, provided they inform their customers of their financial-sharing policies.
		Financial services companies are required to adopt and disclose privacy policies.
		The Act empowers consumers with a choice to "opt-out." When a consumer chooses to opt out, they disallow financial institutions from sharing personal financial information with third parties.
	www.finmod.state.tx.us /content/q&a.htm (561 words)

	Congressman Dennis Moore: Issues - Modernizing our Banking System (Site not responding. Last check: 2007-11-03)
		The Financial Services Modernization Act of 1999 was passed by the Senate by a vote of 90-8 on November 4, 1999.
		The banking system and other associated financial services institutions are the oil that prime the pump of our economy.
		These achievements of our financial services industry, however, are at risk—risk to both consumers and the system itself—if we continue to rely on ad hoc adaptations without establishing a meaningful and prudent framework in which this system, undergoing such rapid changes, can thrive and prosper.
	www.house.gov /moore/issue-banking.htm (503 words)

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