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Financial modernization : a new world or status quo?

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  • Joe Van Walleghem

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 GLB repealed restrictions dating back to the Depression against the commingling of securities, insurance and other financial service activities within a banking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.

Suggested Citation

  • Joe Van Walleghem, 2001. "Financial modernization : a new world or status quo?," Financial Industry Perspectives, Federal Reserve Bank of Kansas City, issue Dec.
    • Handle: RePEc:fip:fedkfi:y:2001:i:dec
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    File URL: http://www.kansascityfed.org/PUBLICAT/FIP/prs01-5.pdf
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