Developments of Note
Federal Financial Modernization Enacted
As we highlighted in a Special Alert distributed last Friday, the federal financial modernization legislation, more formally known as the Gramm-Leach-Bliley Act (the "Modernization Act"), has become law. The Modernization Act makes sweeping changes to the financial services landscape, permitting for the first time the affiliation of banks, securities firms, and insurance companies. The Modernization Act also addresses privacy, insurance, Community Reinvestment Act ("CRA"), and other issues. On Friday, we distributed to clients for whom we had e-mail addresses a summary of the Modernization Act prepared by this firm, which contains hyperlinks for easier navigation through the 50 page document. If you would like to receive a copy of the summary, either in electronic or hard copy form, please contact Gregory Lyons. Please also note that the effective date for bank compliance with the privacy provisions is the 1 year
