This act allows banks to engage in almost any financial activity, including:investment banking, insurance, and security training:

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	The Garn-St. Germain Act of 1982
B	The Gramm-Leach-Bailey Act of 1999
C	The Interstate Banking and Branching Efficiency Act of 1994

Explanation:

Detailed explanation-1: -The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

Detailed explanation-2: -The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, was passed in November 1999. The law repealed the Glass-Steagall Act of 1933, which limited securities activities within commercial banks and interactions between commercial banks and securities firms.

Detailed explanation-3: -Section 501(b) of the Gramm-Leach-Bliley Act (GLBA) established the policy that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and protect the security and confidentiality of nonpublic personal information.

Detailed explanation-4: -Gramm-Leach-Bliley required limited privacy protections against such personal data sales, along with pretexting (obtaining personal information through false pretenses). Investopedia requires writers to use primary sources to support their work.

There is 1 question to complete.