Dictionary of Banking Terms: gramm-leach-bliley act of 1999
gramm-leach-bliley act of 1999
federal legislation that removed Depression-era Glass prohibitions of the glass-steagall act barring cross-ownership of banks, securities firms, and insurance companies. Commercial banks are now permitted to own insurance companies and engage in securities underwriting through federally regulated subsidiaries. A complex piece of legislation, the act marks the culmination of efforts dating to the early 1980s to modernize the U.S. financial services industry.
(19) requires operators of automated teller machines to post notices of fees at ATMs.
