Gramm-Leach-Bliley Act


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

. SHORT TITLE; TABLE OF CONTENTS.

 * (a) SHORT TITLE—
 * This Act may be cited as the ``Gramm-Leach-Bliley Act´´.


 * (b) TABLE OF CONTENTS—
 * The table of contents for this Act is as follows:
 * Sec. 1. Short Title; Table of Contents.


 * TITLE I—FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND INSURANCE COMPANIES
 * Subtitle A—Affiliations
 * Sec. 101. Glass-Steagall Act repeals.
 * Sec. 102. Activity restrictions applicable to bank holding companies that are not financial holding companies.
 * Sec. 103. Financial activities.
 * Sec. 104. Operation of State law.
 * Sec. 105. Mutual bank holding companies authorized.
 * Sec. 106. Prohibition on deposit production offices.
 * Sec. 107. Cross marketing restriction; limited purpose bank relief; divestiture.
 * Sec. 108. Use of subordinated debt to protect financial system and deposit funds from `too big to fail' institutions.
 * Sec. 109. Study of financial modernization's effect on the accessibility of small business and farm loans.


 * Subtitle B—Streamlining Supervision of Bank Holding Companies
 * Sec. 111. Streamlining bank holding company supervision.
 * Sec. 112. Authority of State insurance regulator and Securities and Exchange Commission.
 * Sec. 113. Role of the Board of Governors of the Federal Reserve System.
 * Sec. 114. Prudential safeguards.
 * Sec. 115. Examination of investment companies.
 * Sec. 116. Elimination of application requirement for financial holding companies.
 * Sec. 117. Preserving the integrity of FDIC resources.
 * Sec. 118. Repeal of savings bank provisions in the Bank Holding Company Act of 1956.
 * Sec. 119. Technical amendment.


 * Subtitle C—Subsidiaries of National Banks
 * Sec. 121. Subsidiaries of national banks.
 * Sec. 122. Consideration of merchant banking activities by financial subsidiaries.


 * Subtitle D—Preservation of FTC Authority
 * Sec. 131. Amendment to the Bank Holding Company Act of 1956 to modify notification and post-approval waiting period for section 3 transactions.
 * Sec. 132. Interagency data sharing.
 * Sec. 133. Clarification of status of subsidiaries and affiliates.


 * Subtitle E—National Treatment
 * Sec. 141. Foreign banks that are financial holding companies.
 * Sec. 142. Representative offices.


 * Subtitle F—Direct Activities of Banks
 * Sec. 151. Authority of national banks to underwrite certain municipal bonds.


 * Subtitle G—Effective Date
 * Sec. 161. Effective date.


 * TITLE II—FUNCTIONAL REGULATION
 * Subtitle A—Brokers and Dealers
 * Sec. 201. Definition of broker.
 * Sec. 202. Definition of dealer.
 * Sec. 203. Registration for sales of private securities offerings.
 * Sec. 204. Information sharing.
 * Sec. 205. Treatment of new hybrid products.
 * Sec. 206. Definition of identified banking product.
 * Sec. 207. Additional definitions.
 * Sec. 208. Government securities defined.
 * Sec. 209. Effective date.
 * Sec. 210. Rule of construction.


 * Subtitle B—Bank Investment Company Activities
 * Sec. 211. Custody of investment company assets by affiliated bank.
 * Sec. 212. Lending to an affiliated investment company.
 * Sec. 213. Independent directors.
 * Sec. 214. Additional SEC disclosure authority.
 * Sec. 215. Definition of broker under the Investment Company Act of 1940.
 * Sec. 216. Definition of dealer under the Investment Company Act of 1940.
 * Sec. 217. Removal of the exclusion from the definition of investment adviser for banks that advise investment companies.
 * Sec. 218. Definition of broker under the Investment Advisers Act of 1940.
 * Sec. 219. Definition of dealer under the Investment Advisers Act of 1940.
 * Sec. 220. Interagency consultation.
 * Sec. 221. Treatment of bank common trust funds.
 * Sec. 222. Statutory disqualification for bank wrongdoing.
 * Sec. 223. Conforming change in definition.
 * Sec. 224. Conforming amendment.
 * Sec. 225. Effective date.


 * Subtitle C—Securities and Exchange Commission Supervision of Investment Bank Holding Companies
 * Sec. 231. Supervision of investment bank holding companies by the Securities and Exchange Commission.


 * Subtitle D—Banks and Bank Holding Companies
 * Sec. 241. Consultation.


 * TITLE III—INSURANCE
 * Subtitle A—State Regulation of Insurance
 * Sec. 301. Functional regulation of insurance.
 * Sec. 302. Insurance underwriting in national banks.
 * Sec. 303. Title insurance activities of national banks and their affiliates.
 * Sec. 304. Expedited and equalized dispute resolution for Federal regulators.
 * Sec. 305. Insurance customer protections.
 * Sec. 306. Certain State affiliation laws preempted for insurance companies and affiliates.
 * Sec. 307. Interagency consultation.
 * Sec. 308. Definition of State.


 * Subtitle B—Redomestication of Mutual Insurers
 * Sec. 311. General application.
 * Sec. 312. Redomestication of mutual insurers.
 * Sec. 313. Effect on State laws restricting redomestication.
 * Sec. 314. Other provisions.
 * Sec. 315. Definitions.
 * Sec. 316. Effective date.


 * Subtitle C—National Association of Registered Agents and Brokers
 * Sec. 321. State flexibility in multistate licensing reforms.
 * Sec. 322. National Association of Registered Agents and Brokers.
 * Sec. 323. Purpose.
 * Sec. 324. Relationship to the Federal Government.
 * Sec. 325. Membership.
 * Sec. 326. Board of directors.
 * Sec. 327. Officers.
 * Sec. 328. Bylaws, rules, and disciplinary action.
 * Sec. 329. Assessments.
 * Sec. 330. Functions of the NAIC.
 * Sec. 331. Liability of the association and the directors, officers, and employees of the association.
 * Sec. 332. Elimination of NAIC oversight.
 * Sec. 333. Relationship to State law.
 * Sec. 334. Coordination with other regulators.
 * Sec. 335. Judicial review.
 * Sec. 336. Definitions.


 * Subtitle D—Rental Car Agency Insurance Activities
 * Sec. 341. Standard of regulation for motor vehicle rentals.


 * TITLE IV—UNITARY SAVINGS AND LOAN HOLDING COMPANIES
 * Sec. 401. Prevention of creation of new S&L holding companies with commercial affiliates.


 * TITLE V—PRIVACY
 * Subtitle A—Disclosure of Nonpublic Personal Information
 * Sec. 501. Protection of nonpublic personal information.
 * Sec. 502. Obligations with respect to disclosures of personal information.
 * Sec. 503. Disclosure of institution privacy policy.
 * Sec. 504. Rulemaking.
 * Sec. 505. Enforcement.
 * Sec. 506. Protection of Fair Credit Reporting Act.
 * Sec. 507. Relation to State laws.
 * Sec. 508. Study of information sharing among financial affiliates.
 * Sec. 509. Definitions.
 * Sec. 510. Effective date.


 * Subtitle B—Fraudulent Access to Financial Information
 * Sec. 521. Privacy protection for customer information of financial institutions.
 * Sec. 522. Administrative enforcement.
 * Sec. 523. Criminal penalty.
 * Sec. 524. Relation to State laws.
 * Sec. 525. Agency guidance.
 * Sec. 526. Reports.
 * Sec. 527. Definitions.


 * TITLE VI—FEDERAL HOME LOAN BANK SYSTEM MODERNIZATION
 * Sec. 601. Short title.
 * Sec. 602. Definitions.
 * Sec. 603. Savings association membership.
 * Sec. 604. Advances to members; collateral.
 * Sec. 605. Eligibility criteria.
 * Sec. 606. Management of banks.
 * Sec. 607. Resolution Funding Corporation.
 * Sec. 608. Capital structure of Federal home loan banks.


 * TITLE VII—OTHER PROVISIONS
 * Subtitle A—ATM Fee Reform
 * Sec. 701. Short title.
 * Sec. 702. Electronic fund transfer fee disclosures at any host ATM.
 * Sec. 703. Disclosure of possible fees to consumers when ATM card is issued.
 * Sec. 704. Feasibility study.
 * Sec. 705. No liability if posted notices are damaged.


 * Subtitle B—Community Reinvestment
 * Sec. 711. CRA sunshine requirements.
 * Sec. 712. Small bank regulatory relief.
 * Sec. 713. Federal Reserve Board study of CRA lending.
 * Sec. 714. Preserving the Community Reinvestment Act of 1977.
 * Sec. 715. Responsiveness to community needs for financial services.


 * Subtitle C—Other Regulatory Improvements
 * Sec. 721. Expanded small bank access to S corporation treatment.
 * Sec. 722. `Plain language' requirement for Federal banking agency rules.
 * Sec. 723. Retention of `Federal' in name of converted Federal savings association.
 * Sec. 724. Control of bankers' banks.
 * Sec. 725. Provision of technical assistance to microenterprises.
 * Sec. 726. Federal Reserve audits.
 * Sec. 727. Authorization to release reports.
 * Sec. 728. General Accounting Office study of conflicts of interest.
 * Sec. 729. Study and report on adapting existing legislative requirements to online banking and lending.
 * Sec. 730. Clarification of source of strength doctrine.
 * Sec. 731. Interest rates and other charges at interstate branches.
 * Sec. 732. Interstate branches and agencies of foreign banks.
 * Sec. 733. Fair treatment of women by financial advisers.
 * Sec. 734. Membership of loan guarantee boards.
 * Sec. 735. Repeal of stock loan limit in Federal Reserve Act.
 * Sec. 736. Elimination of SAIF and DIF special reserves.
 * Sec. 737. Bank officers and directors as officers and directors of public utilities.
 * Sec. 738. Approval for purchases of securities.
 * Sec. 739. Optional conversion of Federal savings associations.
 * Sec. 740. Grand jury proceedings.

Approved November 12, 1999.

Legislative History

 * HOUSE REPORTS:
 * No. 106-74, Pts. 1 and 2 (Comm. on Banking and Financial Services)
 * No. 106-74, Pt. 3 (Comm. on Commerce) accompanying H.R. 10
 * No. 106-434 (Comm. of Conference)
 * SENATE REPORTS:
 * No. 106-44 (Comm. on Banking, Housing, and Urban Affairs).
 * CONGRESSIONAL RECORD, Vol. 145 (1999):
 * May 4-6, considered and passed Senate.
 * July 20, considered and passed House, amended, in lieu of H.R. 10.
 * Nov. 3, Senate considered conference report.
 * Nov. 4, Senate and House agreed to conference report.
 * WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 35 (1999):
 * Nov. 12, Presidential remarks and statement.
 * Nov. 12, Presidential remarks and statement.