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Gramm-Leach-Bliley Act: A Case Study

Gramm-Leach-Bliley Act: A Case Study

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The next regulation was devised under pressure from financial servicing organizations that led to congress passing the Financial Services Modernization Act, commonly known as the Gramm-Leach-Bliley Act (GLBA) in 1999 that allowed organizations such as banks to operate in the security and insurance underwriting sectors (Crawford, 2011; Mamun, Hassan, & Maroney, 2005). The passing of act allowed the banking, securities, and insurance companies the ability to enter or merge with other financial servicing businesses after decades of prohibition due to previous passed federal laws such as the Glass-Steagall Act of 1933 (Kim & Wagman, 2015; Yeager, Yeager, & Harshman, 2007).
Additionally, GLBA provided benefits to financial servicing organizations,

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