Journal Article

Financial modernization : a new world or status quo?

Abstract: The passage of the Gramm-Leach-Bliley Act (GLB) in 1999 was a milestone in financial services regulation. GLB repealed restrictions dating back to the Depression against the commingling of securities, insurance and other financial service activities within a banking organization. While still a relatively recent event, observers ponder the early, practical impact of this legislation on the scope of activities conducted by Tenth District organizations. Our banker survey provides some revealing results on the extent of early adoption and the views of Tenth District bankers as to the perceived benefits derived from GLB and how they see these changes affecting their world. In brief, the Tenth District mirrors the nation in the somewhat modest changes to banking activities and strategic plans in this initial phase.

Keywords: Gramm-Leach-Bliley Act; Federal Reserve District, 10th; Banks and banking;

Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Financial Industry Perspectives

Publication Date: 2001

Issue: Dec