The ________________________ is also known as the financial services modernization act.

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04-08-2022
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The ________________________ is also known as the financial services modernization act.

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Smecloudbird17idn Smecloudbird17idn · Answer 1 · 2022-08-18T06:52:45-04:00

The Gramm-Leach-Bliley Act is also known as the Financial Services Modernization Act.

The Gramm-Leach-Bliley Act is also known as the Financial Services Modernization Act of 1999. This is a federal law enacted in the United States in order to control the ways financial institutions deal with the private information of individuals.

The Gramm-Leach-Bliley Act's purpose was to remove legal barriers preventing financial institutions from providing insurance, banking, investment and insurance services together. Thus, the Gramm-Leach-Bliley Act's ensured that financial institutions, including mortgage brokers and lenders, protect non-public personal information of consumers.

Hence, the answer is given and explained above.

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