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This online brochure from the Federal Reserve Bank of San Francisco provides a detailed explanation of the Gramm-Leach-Bliley Act, which was signed into law in November 1999. This Act "permits banks, insurance companies, securities firms, and other financial institutions to affiliate under common ownership and offer their customers a complete range of financial services." The Act also created functional regulation of subsidiaries of financial holding companies (FHCs) and named the Federal Reserve as the umbrella supervisor of the Act. The brochure is divided into four pages and is easy to navigate. Along with an overview of the Act, the brochure also offers an extended section on Criteria to be a FHC [and] Expanded Powers for FHCs and a questions and answers section. The Additional Information section contains a list of contacts for more information.
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